Finance Act, 1997

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Amendment of section 27 (relief for individuals on certain reinvestment) of Finance Act, 1993 .

75.—(1) Section 27 (as amended by section 74 of the Finance Act, 1995 ) of the Finance Act, 1993 , is hereby amended—

(a) in subsection (1)—

(i) by the substitution for the meanings assigned to “eligible shares”, “ordinary shares” and “unquoted company” of the following:

“‘eligible shares’ and ‘ordinary shares’ have, respectively, the meanings assigned to them in Chapter III of Part I of the Finance Act, 1984 ;”,

and

(ii) by the insertion, after the definition of “trading group” of the following definition—

“‘unquoted company’ means a company none of whose shares, stocks or debentures are listed in the official list of a stock exchange or quoted on an unlisted securities market of a stock exchange;”,

and

(b) in subsection (6) by the insertion after paragraph (a) of the following paragraph—

“(aa) A company shall be deemed not to have ceased to be a qualifying company solely by virtue of shares in the company commencing, at any time in the specified period, to be quoted on the market known as the Developing Companies Market of the Irish Stock Exchange.”.

(2) This section shall apply and have effect as on and from the 6th day of April, 1997.