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then, subject to this section, stamp duty on the statement delivered in accordance with section 117(1) shall be charged at the rate of zero per cent (in this section referred to as the “reduced rate”).

(4) The statement, which by virtue of this section is charged at the reduced rate, shall become chargeable with stamp duty at the rate specified in section 117 if the acquiring company does not retain, for a period of 5 years from the date of the transaction in respect of which stamp duty at the reduced rate was charged, at least 75 per cent of the issued share capital of the target company and all the shares which it held following that transaction, including the shares acquired whether by means of a transaction or otherwise before that transaction and held at the time of the transaction.

(6) Where, by reason of subsection (4), stamp duty becomes chargeable at the rate specified in section 117 when the acquiring company concerned within a period of 5 years from the date of any transaction in respect of which stamp duty was charged at the reduced rate—

then the statement which was delivered to the registrar pursuant to section 117(1) in relation to the transaction in respect of which stamp duty was charged at the reduced rate shall be charged with stamp duty at the rate which would have been charged in the first instance if subsection (1) had not applied to the transaction and the statement thus charged shall have applied to it this Part except that, for the purposes of subsections (3) and (4) of section 117, the date of the transaction shall be the date on which the event specified in paragraph (a) or (b), as the case may be, occurred.

then the statement which was delivered to the registrar pursuant to section 117(1) in relation to the transaction in respect of which stamp duty was charged at the reduced rate shall be charged with stamp duty at the rate which would have been charged in the first instance if subsection (1) had not applied to the transaction and the statement thus charged shall have applied to it this Part except that, for the purposes of subsections (3) and (4) of section 117, the date of the transaction shall be the date on which the event specified in paragraph (a) or (b), as the case may be, occurred.