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Finance Act 1998
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Changes over time for: Paragraph 6
Version Superseded: 11/05/2001
Alternative versions:
- 31/07/1998- Amendment
- 28/07/2000
Point in time - 11/05/2001- Amendment
- 06/04/2007- Amendment
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Point in time view as at 28/07/2000. This version of this provision has been superseded.
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6(1)In subsection (1) of section 291 of the Taxes Act 1988, for the words “the relevant period connected with the company" there shall be substituted the words “ the seven year period connected with the company (whether before or after its incorporation) ”.
(2)In subsection (2) of that section, the words “and sections 291A and 291B" shall cease to have effect.
(3)For subsection (3) of that section there shall be substituted the following subsection—
“(3)In subsection (2) above “subsidiary”, in relation to the issuing company, means a company which at any time in the relevant period is a 51 per cent subsidiary of the issuing company, whether or not it is such a subsidiary while the individual concerned or his associate is such an employee, partner or director as is mentioned in that subsection.”
(4)After subsection (5) of that section there shall be inserted the following subsection—
“(6)In this Chapter “the seven year period”, in relation to relief in respect of any eligible shares issued by a company, means the period beginning two years before, and ending five years after, the issue of the shares.”
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