Finance Act, 1997
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Amendment of section 14 (special portfolio investment accounts) of Finance Act, 1993 . |
31.—(1) Section 14 (as amended by section 37 of the Finance Act, 1996 ) of the Finance Act, 1993 is hereby amended— | |
(a) in the definition of “qualifying shares” in paragraph (a) of subsection (1) by the substitution for subparagraph (ii) of the following subparagraph: | ||
“(ii) quoted on the market known as the Developing Companies Market, or the market known as the Exploration Securities Market, of the Irish Stock Exchange,”, | ||
and | ||
(b) in subsection (2) by the substitution for paragraph (b) of the following paragraph: | ||
“(b) the amount of a specified deposit or, if there is more than one, the aggregate of such amounts in respect of assets held at the same time as part of a special portfolio investment account shall not exceed— | ||
(i) in the case of a special portfolio investment account in respect of which— | ||
(I) the first specified deposit was made on or before the 5th day of April, 2000, and | ||
(II) an amount (hereafter in this paragraph referred to as the ‘particular amount’) equal to the whole or a part of the specified deposit or specified deposits, has been used to acquire shares in a company quoted on the market known as the Developing Companies Market of the Irish Stock Exchange and those shares are, at that time, held as assets of the special portfolio investment account, | ||
£50,000 increased by the lesser of— | ||
(A) the particular amount, and | ||
(B) £10,000, | ||
and | ||
(ii) in the case of any other special portfolio investment account, £50,000;”. | ||
(2) This section shall apply and have effect as on and from the 6th day of April, 1997. |