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6.—(1) In regulation 6(2)(1)—
(a)after sub-paragraph (aa) there shall be inserted—
“(ab)shares other than ordinary shares (“other qualifying shares”), not being shares in an investment trust, authorised credit institution or European authorised credit institution, which—
(i)have been issued by a company which is incorporated in a member State, and
(ii)are quoted on the official list of a recognised stock exchange in a member State;
(ac)securities (“qualifying securities”), not being securities of an investment trust or authorised credit institution, which have been issued by a company which is incorporated in the United Kingdom and which satisfy at least one of the conditions specified in paragraph (2B) and all of the conditions specified in paragraph (2C);”
(b)for sub-paragraph (b) there shall be substituted—
“(b)units in an authorised unit trust or a fund of funds which, except in the circumstances described in paragraph (4), satisfies the relevant condition specified in paragraph (3);”
(c)after sub-paragraph (b) there shall be inserted—
“(ba)shares in, and securities satisfying the conditions specified in paragraph (2C) of, an investment trust which, except in the circumstances specified in paragraph (4), satisfies the relevant condition specified in paragraph (3);”
(d)in sub-paragraph (c) after “(aa)” there shall be inserted “, (ab), (ac)”.
(2) After regulation 6(2A)(2) there shall be inserted—
“(2B) The conditions specified in this paragraph are—
(a)that the ordinary shares in the company issuing the securities are quoted on the official list of a recognised stock exchange in a member State;
(b)that the securities are so quoted;
(c)that the company issuing the securities is a 75 per cent. subsidiary of a company whose ordinary shares are so quoted.
(2C) The conditions specified in this paragraph are—
(a)that at the date of issue and throughout the period of the loan the securities—
(i)carry a right to interest at a fixed rate (expressed as a percentage of the loan), or
(ii)carry a right to interest at a series of fixed rates (expressed as percentages of the loan), having effect consecutively, or
(iii)carry no right to interest;
(b)that the securities are denominated in sterling;
(c)that, judged at the date when each of the securities is first held under the plan, the terms on which it was issued do not—
(i)require the loan to be repaid or the security to be re-purchased or redeemed, or
(ii)allow the holder to require the loan to be repaid or the security to be re-purchased or redeemed except in circumstances which are neither certain nor likely to occur,
within the period of five years from that date;
(d)that the securities—
(i)are not deep gain securities for the purposes of Schedule 11 to the Finance Act 1989(3); and
(ii)do not fall by virtue of paragraph 21(2), 22(2), 22A(2) or 22B(3) of that Schedule to be treated as deep gain securities as mentioned in the paragraph concerned.”
(3) In regulation 6(3)(4) —
(a)in sub-paragraph (a) for paragraphs (i) and (ii) there shall be substituted—
“(i)ordinary shares (not being shares in an investment trust) issued by companies which are incorporated in the United Kingdom, or
(ii)qualifying EC shares and other qualifying shares and shares which would be qualifying EC shares or other qualifying shares if they were quoted on the official list of a recognised stock exchange in a member State, or
(iii)securities which would be qualifying securities if paragraph (2C)(c) required the terms on which they were issued to be judged at the date when they first became subject to the trusts of the scheme and securities which would be qualifying securities if they satisfied one of the conditions specified in paragraph (2B) and paragraph (2C)(c) so required, or
(iv)shares in, and securities satisfying the conditions specified in paragraph (2C) of, an investment trust where at least 50 per cent. in value of the investments held by that trust are shares referred to in paragraph (i) or (ii), securities which would be qualifying securities if paragraph (2C)(c) required the terms on which they were issued to be judged at the date when they were first held by that trust and securities which would be qualifying securities if they satisfied one of the conditions specified in paragraph (2B) and paragraph (2C)(c) so required;”
(b)in sub-paragraph (b) for the words from “ordinary shares” to the end of the sub-paragraph there shall be substituted “shares or securities referred to in paragraph (i), (ii) or (iii) of sub-paragraph (a)”;
(c)in sub-paragraph (c) for paragraphs (i), (ii) and (iii) there shall be substituted—
“(i)shares or securities referred to in paragraph (i), (ii), (iii) or (iv) of sub-paragraph (a), or
(ii)units in an authorised unit trust where at least 50 per cent. in value of the investments subject to the trusts of the scheme are shares or securities referred to in paragraph (i), (ii) or (iii) of sub-paragraph (a).”
(4) For regulation 6(5)(a) there shall be substituted—
“(5) Paragraph (3) shall be modified for the purposes of paragraph (4)—
(a)by adding at the end of paragraph (i) of sub-paragraph (a) the words “or other quoted shares” ;
(b)by substituting for paragraphs (ii) to (iv) of sub-paragraph (a)—
“(ii)shares in an investment trust where at least 50 per cent. in value of the investments held by that trust are such ordinary shares or other quoted shares;”
(c)by substituting for the words “shares or securities referred to in paragraph (i), (ii) or (iii) of sub-paragraph (a)” in sub-paragraph (b) the words “shares referred to in paragraph (i) of sub-paragraph (a) or other quoted shares;”
(d)by substituting for paragraphs (i) and (ii) of sub-paragraph (c)—
“(i)shares referred to in paragraph (i) or (ii) of sub-paragraph (a), or
(ii)units in an authorised unit trust where at least 50 per cent. in value of the investments subject to the trusts of the scheme are such ordinary shares or other quoted shares.””
(5) In regulation 6(6)(5) for the words ““other qualifying shares”” there shall be substituted the words ““other quoted shares” ”.
(6) After regulation 6(6) there shall be added—
“(7) In this regulation “authorised credit institution” means an institution authorised under the Banking Act 1987(6) and includes a company which is a 51 per cent. subsidiary of such an institution; and “European authorised credit institution” means an institution which is a European authorised institution for the purposes of the Banking Co-ordination (Second Council Directive) Regulations 1992(7) and includes a company which is a 51 per cent. subsidiary of such an institution.”
1989 c. 26; Schedule 11 was relevantly amended by section 58 of the Finance Act 1990 (c. 29) and by Schedule 7 to the Finance (No. 2) Act 1992 (c. 48).
Substituted by S.I. 1993/756.
Substituted by S.I. 1993/756.
1987 c. 22; amended by S.I. 1992/3218.
S.I. 1992/3218.
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