Clause 14

by deleting the words “31st March 2014” in subsection (2) and substituting the words “31st March 2019”;

by inserting, immediately after subsection (6), the following subsection:“(6A) The Minister or such person as he may appoint may at any time, in the discretion of the Minister or person and subject to such conditions as the Minister or person may impose, remit or refund, wholly or in part, the penalty that is payable or paid by a person under subsection (3) or (5); and section 92(2B) to (2E) shall, with the necessary modifications, apply to any non‑compliance with any such condition as they apply to the non‑compliance with a condition imposed under section 92(2).”; and

by deleting the definition of “value” in subsection (8) and substituting the following definition:“ “value” —

in relation to issued securities of a company other than those prescribed under paragraph (c) of the definition of “issued securities”, means —

where the relevant day is before 1st April 2014, the value of those securities at the time of their issue by the company; and

where the relevant day falls on or after 1st April 2014, the net asset value of those securities as at the relevant day; or

in relation to issued securities of a company prescribed under paragraph (c) of the definition of “issued securities”, means —

where the relevant day is before 1st April 2014, the value of those securities at the prescribed time; and

where the relevant day falls on or after 1st April 2014, the net asset value of those securities as at the relevant day.”.