Income Tax (Earnings and Pensions) Act 2003

Convertible shares

53 (1) This paragraph applies where—

(a) a person provided an individual with convertible shares, or an interest in such shares, in a company,

(b) those shares were converted in the tax year 2002-03 into shares of a different class, and

(c) the circumstances were such that the conversion gave rise, or might have given rise, to a charge under section 140D of ICTA (convertible shares) on the individual.

(2) Section 445 (duty to notify conversions of shares) applies in relation to the conversion subject to the following provisions.

(3) The particulars required by section 445(2) must be provided to the Inland Revenue before 6th May 2003.

(4) However, no particulars of the provision need be provided by a person under section 445 if that person has already given particulars of it under section 140G(3) of ICTA (which made provision corresponding to section 445 for tax years before 2003-04).