3.—(1) Paragraph 17(3) of Schedule 1 to the Act shall be deleted and the following substituted—
“(3) Sub-paragraph (1) above applies only—
(a)if the investment to which the transaction relates or will relate falls within any of paragraphs 1 to 6 above or, so far as relevant to any of those paragraphs, paragraph 11 above; or
(b)if the transaction is the assignment (or, in Scotland, the assignation) of an investment falling within paragraph 10 above or is the assignment (or, in Scotland, the assignation) of an investment falling within paragraph 11 above which confers rights to or interests in an investment falling within paragraph 10 above.”.
(2) Paragraph 17(4) of Schedule 1 to the Act shall be amended by substituting for the words from“a transaction” to the words“and which” the following words—
“any transaction, other than a transaction of a kind described in sub-paragraph (3)(a) or (b) above, which relates or is to relate to an investment which falls within paragraph 10 above or, so far as relevant to that paragraph, paragraph 11 above nor does it apply to a transaction which relates or is to relate to an investment which falls within any of paragraphs 7 to 9 above or, so far as relevant to any of those paragraphs, paragraph 11 above being a transaction which, in either case,”.