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(2) (a) Subsections (3) and (5) shall apply as respects an investor who is a person carrying on a trade or business which consists wholly or partly of dealing in securities in respect of which any profits or gains are chargeable to tax under Case I of Schedule D.

(i) there were inserted, in subsection (3)(b) of that section after “profits of the trade”, “unless the trade consists wholly or partly of a life business the profits of which are not assessed to corporation tax under Case I of Schedule D for that accounting period”, and

(6) (a) Subject to paragraph (b), the amount of capital gains tax, which apart from this subsection, would be chargeable on chargeable gains accruing to an investor to whom this subsection applies, on the disposal of old securities, after such chargeable gains have been reduced by any allowable losses under section 31, shall, if the investor so elects, be deemed to be an amount of capital gains tax chargeable on chargeable gains which are deemed to accrue to the investor in the chargeable period (in this subsection referred to as “the later chargeable period”) in which the new securities are disposed of (and not in any other chargeable period) in addition to any capital gains tax chargeable on chargeable gains accruing to the investor in the later chargeable period and the provisions of Part 41 Part 41A shall apply accordingly.

“securities” means securities to which section 36 applies.

“chargeable period” has the same meaning as in section 321(2);

(b) section 815 shall apply to the disposal of the old securities to which paragraph (a) applies as if—