(1) The Principal Act is amended by substituting the following for Part 16:

"Part 16 Relief for Investment in Corporate Trades

Chapter 1 Interpretation (Part 16)

488. Interpretation

(1) In this Part -

'associate' has the same meaning in relation to a person as it has by virtue of subsection (3) of section 433 in relation to a participator;

'company' means a body corporate;

'compliance period' means the pre-investment period and the relevant period;

'control' shall be construed in accordance with subsections (2) to (6)of section 432;

'director' shall be construed in accordance with section 433(4);

'emoluments' has the same meaning as in section 983;

'General Block Exemption Regulation' means Commission Regulation (EU) No. 651/2014 of 17 June 2014 [OJ No. L187, 26.6.2014, p. 43];

'innovation' means process innovation or organisational innovation;

'market value' shall be construed in accordance with section 548;

'organisational innovation' means the implementation of a new organisational method in an undertaking's business practices, workplace organisation or external relations, other than -

(a) changes that are based on organisational methods already in use in the undertaking,

(b) changes in management strategy, mergers and acquisitions, or