Finance Act 1996

9 (1) In section 735(3) of that Act (meaning of the “appropriate proportion”)—

(a) after “the appropriate proportion” there shall be inserted “, in relation to securities listed in the Official List of the Stock Exchange,”;

(b) in paragraph (a), for “first listed in The Stock Exchange Daily Official List at a price excluding the value of” there shall be substituted “, in accordance with announcements made by The Stock Exchange, first to be dealt in without carrying rights to”; and

(c) in paragraph (b), for “quoted in that List at a price excluding the value of” there shall be substituted “, in accordance with such announcements, first to be dealt in without carrying rights to”.

(2) In section 735(4) of that Act (application of section 753(3) to securities purchased before their first interest payment), for “quoted” there shall be substituted “to be dealt in”.

(3) In section 735(5) of that Act (application of section 735(3) to securities not listed in the Stock Exchange Daily Official List)—

(a) for “Stock Exchange Daily Official List” there shall be substituted “Official List of The Stock Exchange”; and

(b) after “shall have effect” there shall be inserted “as it has effect in relation to securities which are so listed but”.

(4) This paragraph has effect in relation to cases where the first buyer purchases securities on or after 1st April 1996.