§ Mr. Barber
I beg to move, in page 20, line 17, after "control" to insert:(not being sales effected before the sixth day of April, nineteen hundred and sixty).This Clause brings within the charge imposed by Clause 20 certain sales of shares taking place before the ultimate purchaser of the company obtains control. Since Clause 20 bites only on sales of shares taking place after 5th April. 1960, the same limitation should obviously run for sales brought within Clause 20 by this Clause. The Amendment provides accordingly that subsection (1) of the Clause shall not apply to sales effected before 6th April of this year.
§ Amendment agreed to.578
§ Mr. Barber
I beg to move, in page 20, line 42, at the end to insert:(5) Where a sale of shares is effected in pursuance of a previous agreement, the time of the sale shall be taken for the purposes of the three foregoing sections and of the foregoing provisions of this section to be the time of the making of the agreement.Clause 20 applies to sales of shares in a company taking place after 5th April of this year. It has been represented to us that under the Clause as drafted there might be some doubt whether this provision applies to the actual date of the sale or to the date on which the contract of sale was made, if earlier. It is obviously as well that this should be resolved, and that is the purpose of the Amendment.
§ Amendment agreed to.