As respects a redemption, repayment or purchase of its own shares by a company to which section 176 applies on or after 15 February 2001, section 177 of the Principal Act is amended by the substitution of the following for subsection (6):
"(6) The shares shall have been owned by the vendor throughout the period of -
(a) where the shares were appropriated to the vendor under an approved scheme (within the meaning of Chapter 1 of Part 17), and to which the provisions of subsections (4) to (7) of section 515 do not apply, 3 years, and
(b) in any other case, 5 years,
ending on the date of redemption, repayment or purchase, as the case may be.".