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Amendment of section 81 (exemption of certain securities) of Principal Act.
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150.—(1) Section 81 of the Principal Act is amended—
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(a) in subsection (2)(a), by substituting “15 years” for “6 years”, and
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(b) in subsection (4), by substituting “15 years” for “6 years”.
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(2)(a) Subsection (1)(a) has 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 24 February 2003 and the securities or units—
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(i) come into the beneficial ownership of the disponer on or after 24 February 2003, or
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(ii) 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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(b) Subsection (1)(b) has effect as on and from 24 February 2003.
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