Finance Act, 2001

Amendment of section 723 (special investment policies) of Principal Act.

68.—(1) Section 723 of the Principal Act is amended—

(a) by the deletion in subsection (1) of the definition of “relevant period”,

(b) by the substitution in subsection (2) for paragraph (g) of the following paragraph:

“(g) the aggregate of consideration given for shares which are, at any time on or after 1 February 1996 and before 31 December 2000, assets of the fund shall not be less than—

(i) as respects qualifying shares, 55 per cent, and

(ii) as respects specified qualifying shares, 10 per cent,

of the aggregate of the consideration given for the assets which are assets of the fund at that time,”,

and

(c) in subsection (3) by the deletion of paragraph (c).

(2) This section shall be deemed to have applied as on and from 1 January 2001.