Part 8 of the Principal Act is amended -

(a) in section 117(1) by substituting "Where any transaction takes place before 7 December 2005," for "Where any transaction takes place,", and

(b) in section 119 by substituting the following for subsection (5):

"(5) Notwithstanding subsection (4), the reduced rate shall continue to apply if the transfer, as a result of which the shares in question were not held for a period of 5 years, was -

(a) a transfer forming part of a transaction, taking place before 7 December 2005, which would of itself qualify for the reduced rate pursuant to subsection (1),

(b) a transfer forming part of a transaction, taking place on or after 7 December 2005, which would of itself so qualify had the transaction taken place before 7 December 2005, or

(c) a transfer in the course of a liquidation of the acquiring company.".