Finance Act, 1988
|
Amendment of Second Schedule to Finance Act, 1986. |
6.—As respects any right obtained on or after the 6th day of April, 1988, by an individual to acquire shares in a body corporate, the Second Schedule to the Finance Act, 1986 , is hereby amended as follows: | |
(a) in subparagraph (1) of paragraph 1, by the deletion of the definitions of “full-time director” and “qualifying employee”, and | ||
(b) in subparagraphs (1) (a) and (2) of paragraph 5, by the deletion of “full-time” and by the substitution of “an” for “a qualifying”, | ||
and the said subparagraphs (1) (a) and (2), as so amended, are set out in the Table to this section. | ||
TABLE | ||
(a) unless he is a director or an employee of the grantor or, in the case of a group scheme, of a participating company; | ||
(2) Notwithstanding subparagraph (1) (a) the scheme may provide that a person may exercise rights obtained under it despite having ceased to be a director or an employee. |