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5(1)Section 303 of the Taxes Act 1988 (value received by persons other than claimants) is amended as follows.
(2)In subsection (1) for “seven year” substitute “designated”.
(3)In subsection (2) for “the seven year periods” substitute “the applicable periods”.
(4)After that subsection insert—
“(2A)For the purposes of subsection (2) above “the applicable period” for an issue of eligible shares is—
(a)if the shares were issued before 6th April 2000, the period beginning two years before the issue of the shares and ending immediately before the fifth anniversary of the issue date,
(b)in any other case, the designated period for the issue.”.
(5)In subsection (3) for “seven year” substitute “designated”.
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