7(1)Paragraph 9 of Schedule 5 (transfer of securities) shall be amended as follows.U.K.
(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.”