Finance Act, 1997

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

76.—Section 66 (as amended by section 63 of the Finance Act, 1996 ) of the Finance Act, 1994 , is hereby amended as respects disposals made on or after the 6th day of April, 1997—

(a) by the substitution in the definition of “the specified period” in subsection (1) of “3 years” for “5 years”,

(b) by the substitution of the following definition in subsection (1) for the definition of “unquoted company”:

“‘unquoted company’ means a company none of whose shares, stocks or debentures are listed in the official list of a stock exchange or quoted on an unlisted securities market.”,

and

(c) by the substitution in subsection (6) of “26 per cent.” for “27 per cent.”.