(1) This Article does not apply to the valuation of shares in a dependent of an undertaking.
(2) The value of any unlisted security which is dealt in on a recognised stock exchange shall be an amount not greater than the middle market quotation.
(3) The value of any unlisted equity share, other than a share to which paragraph (2) applies, shall be not greater than -
(a) where the company in which the share is held has been carrying on business for more than three financial years, the multiple of the price earnings ratio for the relevant date (or, if no price earnings ratio has been published for that date, for the most recent date prior to that date for which a price earnings ratio has been published) and the proportionate amount attributable to that share of the average amount of the profits of the company for the last three financial years; and
(b) where the company has been carrying on business for less than three but more than one financial year, the multiple of such price ear