This section applies where the trustees of a settlement hold—
shares which were—
acquired in circumstances where section 236H applied, or
the subject of a deemed acquisition under section 71(1) in circumstances where section 236Q applied,
and not subsequently disposed of and reacquired ("EOT exempt shares"), and
other shares which, but for section 104(4A), would be shares of the same class as those shares.
If the trustees dispose of some, but not all, of the shares so held, they may determine what proportion of the shares disposed of are EOT exempt shares (up to the number of such shares held).
For the purposes of this section shares in a company are not to be treated as being of the same class unless they are so treated by the practice of a recognised stock exchange or would be so treated if dealt with on a recognised stock exchange.
Nothing in subsection (2) applies in relation to a disposal by virtue of section 236P(3).