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(a) subject to any direction referred to in section 513(3), to pay over to the participant any money or money’s worth received by them in respect of, or by reference to, any of the participant’s shares, other than money consisting of a sum referred to in section 511(4)(c) or money’s worth consisting of new shares within the meaning of section 514, and

(b) any charge to income tax by virtue of section 513 shall be disregarded in determining whether a distribution is a capital distribution within the meaning of section 583, and

(a) if before that time the participant has become chargeable to income tax by virtue of section 513 on a percentage of the amount or value of any capital receipt (within the meaning of that section) which is referable to those shares, the locked-in value of the shares shall be the amount by which their initial market value exceeds the amount or value of that capital receipt or, if there has been more than one such receipt, the aggregate of those receipts, and

(6) For the purposes of this Chapter, where as part of a company reconstruction the trustees become entitled to a capital receipt (within the meaning of section 513), their entitlement to the capital receipt shall be taken to arise before the new holding comes into being and, for the purposes of subsection (5), before the date on which the locked-in value of any shares comprised in the original holding falls to be ascertained.

(b) where there is a capital receipt within the meaning of section 513(1), on the appropriate percentage of the amount or value, as the case may be, of that capital receipt.