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(1) This section applies where, on or after the passing of the Finance Act, 1998—

(c) the participant concerned was a beneficiary (within the meaning of paragraph 11 or 11A, as the case may be, of Schedule 12) under the employee share ownership trust concerned at all times (other than any period which forms part of the 30 day period referred to in paragraph 12A(b) of Schedule 11) during the period (in this section referred to as the “holding period”)—

(c) the participant concerned was a beneficiary (within the meaning of paragraph 11 or 11A, as the case may be, of Schedule 12) under the employee share ownership trust concerned at all times (other than any period which forms part of the 30 day period referred to in paragraph 12A(b) of Schedule 11) during the period (in this section referred to as the “holding period”)—

(a) the trustees of an approved scheme make an appropriation of shares to which section 510(3) applies to a participant,

(2) Where this section applies, then, notwithstanding section 511—

(ii) in any other case, on the day following the end of a period which, when added to the holding period, forms a period of 2 years, or, if it is earlier, on the date referred to in subparagraph (i), (ii) or (iii), as the case may be, of section 511(1)(a),

(b) the shares concerned had been transferred to the trustees of the approved scheme by the trustees of an employee share ownership trust to which section 519 applies, and