(1) Subject to subsection (2), Chapter IX of Part I of, and the Third Schedule to, the Finance Act, 1982, are hereby amended, as respects the year of assessment 1992-93 and subsequent years of assessment, by the substitution in subsections (1) and (2) of section 56 and paragraph 1(4) of the Third Schedule of "£2,000" for "£5,000", and the said subsections (1) and (2) and the said paragraph 1(4), as so amended, are set out in the Table to this section.
(a) Where, in the case of an individual, the total of the initial market values of any shares appropriated to him in the year of assessment 1991-92 (whether under a single approved scheme or under two or more such schemes) is less than £2,000, then, subject to paragraph (b), subsection (1) shall apply and have effect for the year of assessment 1992-93 as if for "£2,000" there were substituted "an amount equal to the sum of £2,000 and the amount by which £2,000 exceeds the total of the initial market values of any shares app