Finance Act 1985

45 Profit sharing schemes

(1) Chapter III of Part III of the [1978 c. 42.] Finance Act 1978 (profit sharing schemes) shall be amended in accordance with this section.

(2) In subsection (6) of section 54 of that Act (definition of " the release date ") for the words " seventh anniversary " (which were substituted by section 46(4) of the [1980 c. 48.] Finance Act 1980) there shall be substituted " fifth anniversary".

(3) In subsection (7) of that section (definition of " the appropriate percentage ")—

(a) in paragraph (c)(i) for the words " sixth anniversary " there shall be substituted " fifth anniversary " and the final word " or " shall be omitted ; and

(b) paragraphs (c)(ii) and (d) shall be omitted.

(4) In subsection (6) of section 56 of that Act (capital receipts in respect of scheme shares)—

(a) for " £140 " there shall be substituted " £100"; and

(b) for " 7 years " there shall be substituted " 5 years".

(5) The amendments made by subsection (4) above have effect for the year 1986-87 and subsequent years of assessment.