Finance Act, 1993

Construction of certain references in section 16 of Principal Act for purposes of “specified amount” in section 90 of Finance Act, 1989.

127.—(1) For the purpose of paragraph (a) of the definition of “specified amount” in subsection (1) of section 90 of the Finance Act, 1989 , section 16 of the Principal Act shall have effect as if—

(a) the references therein to the donee or successor were references to the person who, for the purposes of section 90 of the Finance Act, 1989 , is the disponer of the specified amount,

(b) the references therein to the time at which a company is controlled were references to the time referred to in the said paragraph, and

(c) the shares referred to in the said paragraph were, at the time referred to therein, the absolute property of the aforesaid disponer.

(2) This section shall apply where the time referred to in paragraph (a) of the definition of “specified amount” in subsection (1) of section 90 of the Finance Act, 1989 , is on or after the 6th day of May, 1993.