[F1Meaning of “asset related to shares"U.K.
Textual Amendments
F1Sch. 7AC inserted (with effect in accordance with s. 44(3)(4) of the amending Act) by Finance Act 2002 (c. 23), Sch. 8 para. 1
30(1)This paragraph explains what is meant by an asset related to shares in a company.U.K.
(2)An asset is related to shares in a company if it is—
(a)an option to acquire or dispose of shares or an interest in shares in that company, or
(b)a security to which are attached rights by virtue of which the holder is or may become entitled to acquire or dispose of (whether by conversion or exchange or otherwise)—
(i)shares or an interest in shares in that company, or
(ii)an option to acquire or dispose of shares or an interest in shares in that company, or
(iii)another security falling within this paragraph, or
(c)an option to acquire or dispose of any security within paragraph (b) or an interest in any such security, or
(d)an interest in, or option over, any such option or security as is mentioned in paragraph (a), (b) or (c), or
(e)any interest in, or option over, any such interest or option as is mentioned in paragraph (d) or this paragraph.
(3)In determining whether a security is within sub-paragraph (2)(b), no account shall be taken—
(a)of any rights attached to the security other than rights relating, directly or indirectly, to shares of the company in question, or
(b)of rights as regards which, at the time the security came into existence, there was no more than a negligible likelihood that they would in due course be exercised to a significant extent.
(4)The references in this paragraph to an interest in a security or option have a meaning corresponding to that given by paragraph 29 in relation to an interest in shares.]