Clause 2

by deleting the word “certified” in the definitions of “approved foreign loan” and “approved royalties, fees or contributions” and substituting in each case the word “approved”;

by deleting the definitions of “new trade or business” and “old trade or business” and substituting the following definitions:“ “new trade or business” means the trade or business —

in respect of any product or products specified in a single pioneer certificate of a pioneer enterprise; and

that is considered under section 7 to have been set up and commenced on the day following the tax relief expiry date of the old trade or business in respect of that product or those products;“old trade or business” means the trade or business of a pioneer enterprise which satisfies all the following conditions:

it is in respect of one or more pioneer products specified in a single pioneer certificate of the pioneer enterprise;

the part of the trade or business in respect of each pioneer product is carried on during the tax relief period for that product; (c)it either ceases before or is considered, under section 7, to have permanently ceased on the tax relief expiry date;”;

by deleting the definition of “pioneer enterprise” and substituting the following definition:“ “pioneer enterprise” means any company which has been approved by the Minister under section 5 for a pioneer product and to which a pioneer certificate is issued under that section;”;

by deleting the definition of “production day” and substituting the following definition:“ “production day”, in relation to a pioneer product that is approved under section 5(2) for a pioneer enterprise, means the date specified in the pioneer enterprise’s pioneer certificate under section 5(3)(b) or (5)(a) or (c) as the production day of that product;”; and

by deleting the full‑stop at the end of the definition of “tax” and substituting a semi‑colon, and by inserting immediately thereafter the following definition:“ “tax relief expiry date”, in relation to an old trade or business, means —

where the old trade or business is in respect of only one pioneer product, the date on which the tax relief period for that pioneer product expires; or

where the old trade or business is in respect of 2 or more pioneer products, the date on which all the tax relief periods for those products expire, or (if the Minister has removed one or more but not all of those products from the pioneer certificate under section 5, or extended the tax relief period or periods for one or more but not all of those products under section 6) the date of expiry of the tax relief period with the latest date of expiry.”.