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1(1)In paragraph 17(4) of Schedule 5 to the Finance Act 1975 for paragraph (b) there shall be substituted—
“(b)in a case where the employment in question is employment by a close company, a person who is a participator in relation to that company and either—
(i)is beneficially entitled to, or to rights entitling him to acquire, not less than 5 per cent. of, or of any class of the shares comprised in, its issued share capital; or
(ii)would, on a winding-up of the company, be entitled to not less than 5 per cent. of its assets ;”
and after paragraph (b) there shall be inserted the words " but if the trusts are those of a profit sharing scheme approved under the Finance Act 1978, paragraph (b) of this sub-paragraph does not preclude the application of sub-paragraph (3)(c) above in relation to any appropriation of shares in pursuance of the scheme. "
(2)This amendment applies in relation to any payment out of the settled property made on or after 11th April 1978.
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