Finance Act, 1993

Amendment of section 11 (inheritance deemed to be taken) of Principal Act.

123.—(1) Where, on or after the 24th day of February, 1993, a person becomes beneficially entitled in possession to a benefit, and the property in which the benefit is taken consists wholly or partly of shares in a private company, section 11 of the Principal Act shall have effect as if “otherwise than for full consideration in money or money's worth paid by him” were deleted in subsection (1) thereof.

(2) In subsection (1) the expression “shares in a private company” shall be construed by reference to the meanings that “share” (as amended by this Act) and “private company” have, respectively, in section 16 of the Principal Act.