1(1)In sections 157 and 163 to 165 of the M1Taxation of Chargeable Gains Act 1992 and in paragraph 12(2) of Schedule 6 and paragraph 7(1) of Schedule 7 to that Act (which contain provisions relating to retirement relief and provisions which apply the definition of “family company” in Schedule 6 for other purposes), for the words “family company”, wherever they occur, there shall be substituted “ personal company ”.
(2)In paragraph 1(2) of Schedule 6 to that Act (definitions), after the definition of “permitted period” there shall be inserted the following definition—
““personal company”, in relation to an individual, means any company the voting rights in which are exercisable, as to not less than 5 per cent., by that individual;”.
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