Finance Act, 1996

Amendment of section 66 (reduced rate of capital gains tax on certain disposals of shares by individuals) of Finance Act, 1994.

63.—(1) Section 66 (as amended by section 75 of the Finance Act, 1995 ) of the Finance Act, 1994 , is hereby amended—

(a) by the substitution in subsection (6) of “3 years” for “5 years”, and

(b) by the substitution in paragraph (a) and paragraph (b) of subsection (8) of “3 years” for “5 years”.

(2) (a) Subsection (1) shall apply and have effect as respects a disposal effected by an individual of qualifying shares in a qualifying company on or after the 6th day of April, 1996.

(b) In this subsection “qualifying company” and “qualifying shares” have, respectively, the same meanings as they have in section 66 of the Finance Act, 1994 .