As respects the year 1992-93 and subsequent years of assessment, section 9 (as amended by section 45 of the Finance Act, 1991) of the Finance Act, 1988, is hereby amended in subsection (1) by the insertion in the definition of "chargeable person" of the following proviso to paragraph (a):
"Provided that this paragraph shall not apply to a person who is a director or, in the case of a person to whom the provisions of section 194 of the Income Tax Act, 1967, apply, whose spouse is a director, within the meaning of section 119 of that Act, of a body corporate other than a body corporate which during a period of three years ending on the 5th day of April in the chargeable period -
(i) was not entitled to any assets other than cash on hands, or a sum of money on deposit within the meaning of section 230 of the Finance Act, 1992, not exceeding £100, and
(ii) did not carry on a trade, business or other activity including the making of investments, and
(iii) did not pay charges on income