This version of this provision no longer has effect.
There are currently no known outstanding effects for the Finance Act 1989, Paragraph 21A.
[F221A(1)A security which (apart from this paragraph) would be a new would-be deep gain security for the purposes of paragraph 21(1) above is not such a security if the following three conditions are fulfilled.
(2)The first condition is that all the securities issued on the occasion of the original issue were issued before 13th November 1991.
(3)The second condition is that the security is issued on or after 13th November 1991.
(4)The third condition is that, even if paragraph 1(7) above did not prevent the security being a deep gain security, it would nevertheless not be a deep gain security if for the purposes of paragraph 1(2) above “redemption” did not include any redemption which may be made before maturity otherwise than in pursuance of the exercise by the person who holds the security for the time being of an option exercisable only on the effluxion of time or the happening of an event which (judged at the time of the security’s issue) is certain or likely to occur.]
Textual Amendments
F1Sch. 11 repealed (29.4.1996) by 1996 c. 8, ss. 104, 205, Sch. 14 para. 57, Sch. 41 Pt. V(3) (with savings in Pt. IV Ch. II (ss. 80-105))
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