Finance Act, 1996
Amendment of section 66 (reduced rate of capital gains tax on certain disposals of shares by individuals) of Finance Act, 1994. |
63.—(1) Section 66 (as amended by section 75 of the Finance Act, 1995 ) of the Finance Act, 1994 , is hereby amended— | |
(a) by the substitution in subsection (6) of “3 years” for “5 years”, and | ||
(b) by the substitution in paragraph (a) and paragraph (b) of subsection (8) of “3 years” for “5 years”. | ||
(2) (a) Subsection (1) shall apply and have effect as respects a disposal effected by an individual of qualifying shares in a qualifying company on or after the 6th day of April, 1996. | ||
(b) In this subsection “qualifying company” and “qualifying shares” have, respectively, the same meanings as they have in section 66 of the Finance Act, 1994 . |