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(4) Notwithstanding the provisions of subsection (2), and subject to subsection (3), a shareholder within the definition of “qualifying company” in section 110(1) shall be chargeable to corporation tax under Case III of Schedule D in respect of a distribution referred to in subsection (1).

(5) Where, but for subsection (2) and section 129, a property income dividend would be income of a company which is income chargeable to tax under Case I of 30 Schedule D, it shall be so chargeable notwithstanding those provisions.