Motion made, and Question,

That—

(1) With respect to shares appropriated on or after 6th April 1982, subsections (1) and (2) of section 58 of the Finance Act 1978 (shares in excess of initial market value of £1, 000) shall have effect as if for "£1, 000" there were substituted "£1, 250".

(2) With effect from 6th April 1982 paragraph 1(4) of Schedule 9 to that Act (profit sharing schemes to provide that total initial market values of shares appropriated to one participant yearly must not exceed £1, 000) shall have effect as if for "£1, 000" there were substituted "£1, 250".

And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.— [Sir Geoffrey Howe.]

put forthwith pursuant to Standing Order No. 94 (Ways and Means motions), and agreed to.