Finance Act 1998

Individuals qualifying for relief U.K.

6 F1 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

(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.”

Textual Amendments

F1 Sch. 13 para. 6(1) repealed (11.5.2001 with effect in accordance with Sch. 15 para. 40(2) of the amending Act) by 2001 c. 9, ss. 63, 110, Sch. 33 Pt. 2(3) Note 6