SCHEDULES
SCHEDULE 13 Employee share ownership trusts
Securities
7
1
Paragraph 9 of Schedule 5 (transfer of securities) shall be amended as follows.
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.