Part IU.K. Retirement relief etc.
Extension of references to “family company”U.K.
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;”.
Marginal Citations
Extension of references to full-time working directors etc.U.K.
2(1)Subject to sub-paragraph (4) below, in sections 163 and 164 of that Act and in Schedule 6 to that Act (retirement relief), for the words “full-time working director”, wherever they occur, there shall be substituted “ full-time working officer or employee ”.
(2)In section 163(7)(b) of that Act, for “a director” there shall be substituted “ an officer or employee ”.
(3)In section 164(2)(b) of that Act, for “director” there shall be substituted “ officer or employee ”.
(4)In paragraph 1(2) of Schedule 6 to that Act, for the definition of “full-time working director” there shall be substituted—
““full-time working officer or employee”, in relation to one or more companies, means any officer or employee who is required to devote substantially the whole of his time to the service of that company, or those companies taken together, in a managerial or technical capacity;”.