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Amendment of section 626B (exemption from tax in the case of gains on certain disposals of shares) of Principal Act.
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54.—(1) Section 626B of the Principal Act is amended—
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(a) in subsection (1)(a) by deleting the definition of “relevant time”,
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(b) in subsection (1)(b)(i) by substituting “5 per cent” for “10 per cent” in clauses (I), (II) and (III), and
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(c) in subsection (2) by substituting the following for paragraph (a):
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“(a) the disposal by the investor company is at a time—
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(i) when the investor company is a parent company of the investee company, or
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(ii) within the 2 year period beginning on the most recent day on which the investor company was a parent company of the investee company,”.
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(2) Subsection (1) applies as on and from 2 February 2004.
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