3

Sub-paragraph (1) is subject to sub-paragraphs (4) to (6).

4

Where a company acquires any shares in itself by virtue of section 162 of the Companies Act 1985 (power of company to purchase own shares) or otherwise, sub-paragraph (1) does not apply to any instrument by which the shares are transferred to the company.

5

Where a company holds any shares in itself by virtue of section 162A of that Act (treasury shares) or otherwise, any instrument to which sub-paragraph (6) applies is to be treated for the purposes of this Schedule as a conveyance otherwise than on sale, and paragraph 16 applies accordingly.

6

This sub-paragraph applies to any instrument for the sale or transfer of any of the shares by the company, other than an instrument which, in the absence of sub-paragraph (5), would be an instrument in relation to which—

a

section 67(2) of the Finance Act 1986 (transfer to person whose business is issuing depositary receipts etc), or

b

section 70(2) of that Act (transfer to person who provides clearance services etc),

applied.