Finance Act 1994

7 (1) Paragraph 9 of Schedule 5 (transfer of securities) shall be amended as follows.

(2) In sub-paragraph (1)(b) for “period of seven years” there shall be substituted “qualifying period”.

(3) After sub-paragraph (2) there shall be inserted—

“(2A) For the purposes of sub-paragraph (1) above the qualifying period is—

(a) seven years, in the case of trusts established on or before the day on which the Finance Act 1994 was passed;

(b) twenty years, in the case of other trusts.”