(1) Section 766 of the Principal Act is amended -

(a) in subsection (1) -

(i) in paragraph (a), by the substitution of "In this section and in section 766C -" for "In this section -",

(ii) in paragraph (b) -

(I) by the substitution of "For the purposes of this section and section 766C -" for "For the purposes of this section -", and

(II) in subparagraph (vi) -

(A) in subclause (A), by the substitution of "trade," for "trade, and",

(B) in subclause (B), by the substitution of "trade is reduced, and" for "trade is reduced;", and

(C) by the insertion of the following subclause after subclause (B):

"(C) for the purposes of section 766C(1), as it would if it was incurred in the first accounting period which commenced on or after the time the company begins to trade;",

and