Paragraph 7

Paragraph 9 of Schedule 5 (transfer of securities) shall be amended as follows.

In sub-paragraph (1)(b) for “period of seven years” there shall be substituted “ qualifying period ”.

After sub-paragraph (2) there shall be inserted—

“(2A)

For the purposes of sub-paragraph (1) above the qualifying period is—

(a)

seven years, in the case of trusts established on or before the day on which the Finance Act 1994 was passed;

(b)

twenty years, in the case of other trusts.”