Finance Act, 1988

Amendment of Second Schedule to Finance Act, 1986.

6.—As respects any right obtained on or after the 6th day of April, 1988, by an individual to acquire shares in a body corporate, the Second Schedule to the Finance Act, 1986 , is hereby amended as follows:

(a) in subparagraph (1) of paragraph 1, by the deletion of the definitions of “full-time director” and “qualifying employee”, and

(b) in subparagraphs (1) (a) and (2) of paragraph 5, by the deletion of “full-time” and by the substitution of “an” for “a qualifying”,

and the said subparagraphs (1) (a) and (2), as so amended, are set out in the Table to this section.


(a) unless he is a director or an employee of the grantor or, in the case of a group scheme, of a participating company;

(2) Notwithstanding subparagraph (1) (a) the scheme may provide that a person may exercise rights obtained under it despite having ceased to be a director or an employee.