3(1)Sub-paragraph (2) shall apply if—
(a)the exempt period ends, and
(b)at that time the Corporation would be regarded for the purposes of the [1988 c. 39.] Taxes Acts as resident in the United Kingdom by virtue only of section 66 of the Finance Act 1988 (company incorporated in UK).
(2)That section shall not apply in relation to the Corporation at any time during the period beginning with the end of the exempt period and ending in accordance with sub-paragraph (3).
(3)The period shall end—
(a)with the seventh anniversary of the final day of the exempt period, or
(b)if earlier, at any time when the Corporation comes to be regarded for the purposes of the Taxes Acts as resident in the United Kingdom (otherwise than by virtue of section 66).
(4)The following provisions shall not apply where the [1992 c. 12.] Corporation ceases to be resident in the United Kingdom by virtue of sub-paragraph (2)—
(a)section 179 of the Taxation of Chargeable Gains Act 1992 (company ceasing to be member of group);
(b)section 185 of that Act (deemed disposal of assets when company ceases to be resident in UK).
(5)In this paragraph “the Taxes Acts” has the same meaning as in the [1970 c. 9.] Taxes Management Act 1970.