(1) The Principal Act is amended in the Table to subsection (1) of section 531AM -

(a) in paragraph (a)(ii) by inserting "except where such shares were held by an employee share ownership trust, approved in accordance with Schedule 12, before 1 January 2011," after "Chapter 1 of Part 17,",

(b) in paragraph (a)(iii) by deleting "and",

(c) by substituting the following for paragraph (a)(iv):

"(iv) any gain exempted from income tax by virtue of section 519A(3) or 519D(3) after such a gain is reduced by the market value of the right referred to in subparagraph (iii), and",

(d) by inserting the following after paragraph (a)(iv):

"(v) the 'specified amount' as defined in section 825C,",

(e) in paragraph (a)(III) by substituting "PAYE Regulations, and" for "PAYE Regulations",

(f) in paragraph (a)(IV) by substituting "Schedule 3." for "Schedule 3, and",