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(b) not carrying on an excepted trade within the meaning of section 21A;

(2) (a) Notwithstanding any other provision of the Tax Acts or the Capital Gains Tax Acts, carried interest to which this section applies and which is received by an individual or a partnership shall be deemed to be an amount of chargeable gains to which section 28(1) applies.

(b) Notwithstanding any other provision of the Tax Acts or the Capital Gains Tax Acts, carried interest to which this section applies and which is received by a company shall be deemed to be an amount of chargeable gains to which section 28(1) applies.

“research and development activities” has the same meaning as in section 766(1);