Section 598(1) of the Principal Act is amended in the definition of "qualifying assets" by substituting the following for paragraphs (ii) and (iii):

"(ii)

(I) the shares or securities, which the individual has owned for a period of not less than 10 years ending with the disposal, being shares or securities of a relevant company that is a company -

(A) which has been a trading company, or a farming company, and the individual's family company, or

(B) which has been a member of a trading group, of which the holding company is the individual's family company,

during a period of not less than 10 years ending with the disposal and the individual has been a working director of the relevant company for a period of not less than 10 years during which period he or she has been a full-time working director of the relevant company for a period of not less than 5 years, and

(II) land, machinery or plant (if any) which the individual has owned for a period of not less than 10 years ending with the disposal, and which -

(A) was used throughout that period for the purposes of the relevant company, and

(B) is disposed of at the same time and to the same person as the shares or securities referred to in subparagraph (I),