6(1)Section 69 (chargeable events) shall be amended as follows.U.K.
(2)In subsection (1)(c) (retention of securities at expiry of seven years from acquisition) for “period of seven years” there shall be substituted “ qualifying period ”.
(3)After subsection (4) there shall be inserted—
“(4A)For the purposes of subsection (1)(c) above the qualifying period is—
(a)seven years, in the case of trusts established on or before the day on which the Finance Act 1994 was passed;
(b)twenty years, in the case of other trusts;
and for this purpose a trust is established when the deed under which it is established is executed.”
7(1)Paragraph 9 of Schedule 5 (transfer of securities) shall be amended as follows.U.K.
(2)In sub-paragraph (1)(b) for “period of seven years” there shall be substituted “ qualifying period ”.
(3)After sub-paragraph (2) there shall be inserted—
“(2A)For the purposes of sub-paragraph (1) above the qualifying period is—
(a)seven years, in the case of trusts established on or before the day on which the Finance Act 1994 was passed;
(b)twenty years, in the case of other trusts.”