I move Financial Resolution No. 7:
(1) THAT—
(a) Chapter IX of Part I of, and the Third Schedule to, the Finance Act, 1982 (No. 14 of 1982), shall not apply or have effect in relation to—
(i) any shares acquired with any moneys paid on or after the 29th day of January, 1992, by a company (being the company concerned, or as the case may be, a participating company) to the trustees of an approved scheme or to the trustees of a group scheme for the purpose of acquiring shares for appropriation to a participant in that approved scheme or that group scheme, and
(ii) any shares acquired with any moneys so paid before the 29th day of January, 1992, where the said shares are acquired by the said trustees on or after the 6th day of April, 1992.
(b) In this paragraph "approved scheme", "the company concerned", "group scheme", "participant", "participating company", "shares" and "the trustees" have the same meaning as they have in the said Chapter IX and the said Third Schedule.
(2) IT is hereby declared that it is expedient in the public interest that this Resolution shall have statutory effect under the provisions of the Provisional Collection of Taxes Act, 1927 (No. 7 of 1927).
The purpose of this resolution is to abolish the tax relief available in respect of shares granted by companies to their employees under approved profit-sharing schemes.
The resolution abolishes the relief in respect of shares acquired by the trustees of such schemes with funds paid over to them on or after today. The tax position of shares already allocated to employees before today will not be affected; neither will the position of shares acquired before today by trustees of approved profit-sharing schemes but not yet allocated to employees. Also unaffected will be shares purchased by trustees with funds paid over to them before today but not yet invested in shares, provided that the funds are invested before 5 April next.