Finance Act, 1996
|
Amendment of section 12 (relief for new shares purchased on issue by employees) of Finance Act, 1986. |
12.—As respects the year of assessment 1996-97 and subsequent years of assessment, section 12 of the Finance Act, 1986 , is hereby amended— | |
(a) in paragraph (a) of subsection (1)— | ||
(i) by the substitution of the following definition for the definition of “eligible employee”: | ||
“‘eligible employee’, in relation to a qualifying company, means— | ||
(i) where the company is a trading company, a director or an employee of the company, or | ||
(ii) where the company is a holding company, a director or an employee of the company or of a company which is its 75 per cent. subsidiary;”, | ||
and | ||
(ii) by the deletion of the definition of “‘full-time director’ and ‘full-time employee’”, | ||
and | ||
(b) by the substitution, in the proviso to subsection (2), of “£5,000” for “£3,000” (inserted by the Finance Act, 1993 ), and the said proviso, as so amended, is set out in the Table to this section. | ||
TABLE | ||
Provided that a deduction shall not be given to the extent to which the amount subscribed by an eligible employee for eligible shares issued to him in all years of assessment exceeds £5,000. |