3(1)In section 88, in each of subsections (1) to (5) and (7) and (8) for the word “securities” (or “Securities”) where it first occurs there shall be substituted “relevant securities” (or “Relevant securities”).
(2)The following provisions of that section shall be omitted—
(a)in subsection (1) the words “and section 89 below” and “section 89 below”; and
(b)subsection (5A).
X1(3)In subsection (9) of that section, for the words from “securities”, where that word first occurs, to the end of paragraph (b) there shall be substituted ““relevant securities” means—
(a)securities, within the meaning of[Section 710 of the Taxes Act 1988
(b)deep discount securities, within the meaning of [Schedule 4 to that Act]; and
(c)securities which are, or have at any time been, material interests in a non–qualifying offshore fund, within the meaning of Chapter [V of Part XVII of the Taxes Act 1988].”.
Editorial Information
X1Part of the text of ss. 67(2), 72(6), 90(3)-(5), 91(1) and (3), 92(2)(4), 96(1), Sch. 19 paras. 1(2)(3), 2(2), 3(3), 5(5)( a ), 20(2), Sch. 27 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals that may have been made prior to 1.2.1991