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Amendment of Part 8 (companies capital duty) of Principal Act.
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110.— Part 8 of the Principal Act is amended—
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(a) in section 117(1) by substituting “Where any transaction takes place before 7 December 2005,” for “Where any transaction takes place,”, and
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(b) in section 119 by substituting the following for subsection (5):
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“(5) Notwithstanding subsection (4), the reduced rate shall continue to apply if the transfer, as a result of which the shares in question were not held for a period of 5 years, was—
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(a) a transfer forming part of a transaction, taking place before 7 December 2005, which would of itself qualify for the reduced rate pursuant to subsection (1),
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(b) a transfer forming part of a transaction, taking place on or after 7 December 2005, which would of itself so qualify had the transaction taken place before 7 December 2005, or
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(c) a transfer in the course of a liquidation of the acquiring company.”.
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