The Principal Act is amended -

(a) in section 597A, by inserting the following after subsection (5):

"(6) Subject to section 597AA(5) -

(a) subsection (2) shall not apply where the subsequent disposal referred to in that subsection is made on or after 1 January 2016, and

(b) subsection (3) shall not apply where the second-mentioned subsequent disposal in that subsection is made on or after 1 January 2016.",

and

(b) by inserting the following after section 597A:

"597AA. Revised entrepreneur relief

(1)

(a) In this section -

'51 per cent subsidiary' has the same meaning as it has in section 9(1)(a);

'development land' has the same meaning as it has in section 648;

'group' means a holding company and all companies which are 51 per cent subsidiaries of the holding company;

'holding company' means a company whose business consists wholly or mainly of the holding of shares of all companies which are its 51 per cent subsidiaries;

'qualifying business' means a business other than -

(a) the holding of securities or other assets as investments,