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Amendment of section 597AA of Principal Act (revised entrepreneur relief)
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24. (1) Section 597AA of the Principal Act is amended—
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(a) in subsection (1)(a), by substituting the following definition for the definition of “relevant individual”:
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“‘relevant individual’ means an individual—
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(a) who has been the beneficial owner of an asset or an interest in an asset to which subparagraph (i) of the definition of ‘chargeable business asset’ in subsection (2)(a) applies for a continuous period of not less than 3 years in the 5 years immediately prior to the disposal of that asset, or
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(b) who has been the beneficial owner of a holding of ordinary shares to which subparagraph (ii) of the definition of ‘chargeable business asset’ in subsection (2)(a) applies for a continuous period of not less than 3 years at any time prior to the disposal of those shares;”,
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and
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(b) in subsection (2)(a)(ii), by substituting the following clause for clause (A):
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“(A) has owned not less than 5 per cent of the ordinary shares for a continuous period of not less than 3 years at any time prior to the disposal of those shares, and”.
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(2) This section shall apply to disposals of chargeable business assets made on or after 1 January 2021.
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