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Amendment of section 57 (exemption of certain securities) of Principal Act.
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219.—(1) Section 57 of the Principal Act is amended by the substitution in subsection (2) of the following for paragraph (a):
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(a) the securities or units were comprised in the disposition continuously for a period of six years immediately before the date of the gift or the date of the inheritance, and any period immediately before the date of the disposition during which the securities or units were continuously in the beneficial ownership of the disponer shall be deemed, for the purpose of this paragraph, to be a period or part of a period immediately before the date of the gift or the date of the inheritance during which they were continuously comprised in the disposition;”.
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(2) This section shall have effect in relation to securities or units comprised in a gift or an inheritance where the date of the gift or the date of the inheritance is on or after 15 February 2001 and the securities or units—
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(a) come into the beneficial ownership of the disponer on or after 15 February 2001, or
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(b) become subject to the disposition on or after that date without having been previously in the beneficial ownership of the disponer.
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