Section 235 of the Principal Act is amended -

(a) in subsection (1) -

(i) by the substitution for "In this section, "approved body of persons" means -" of the following:

"In this section -

‘approved body of persons’ means -",

(ii) in the definition of "approved body of persons", in paragraph (b) -

(I) in subparagraph (i), by the substitution of "1984," for "1984, or",

(II) in subparagraph (ii), by the substitution of "1976, or" for "1976;", and

(III) by the insertion of the following subparagraph after subparagraph (ii):

"(iii) any body of persons that, as respects the year 2022 or any earlier year of assessment, was granted exemption from income tax or corporation tax under this section before the coming into operation of section 16 of the Finance (No. 2) Act 2023;",

and

(IV) in clause (II), by the substitution of "a tax advantage;" for "a tax advantage.",

and