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Amendment of section 626B of Principal Act (exemption from tax in the case of gains on certain disposals of shares)
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44. (1) Section 626B of the Principal Act is amended by inserting the following after subsection (3):
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“(3A) (a) In this subsection ‘relevant treatment of a gain’ means the treatment, provided by this section or section 626C, of a gain as not being a chargeable gain.
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(b) Notwithstanding any provision of section 590, the relevant treatment of a gain shall not apply for the purposes of section 590, but this is subject to paragraph (c).
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(c) The relevant treatment of a gain shall apply for the purposes of section 590 where the participator (within the meaning of that section) is a company.”.
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(2) This section applies as respects disposals on or after 18 November 2014.
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