Textual Amendments
F1Pt. 7 heading substituted (with effect in accordance with Sch. 22 para. 2(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 2(1)
(1)Subsection (2) applies if—
(a)the employee dies holding an interest in convertible shares,
(b)those shares are converted into shares of a different class either on, or within 12 months after, the death, and
(c)the conversion takes place wholly or partly as a consequence of the death.
(2)This Chapter applies as if the conversion had taken place immediately before the death and had been in pursuance of an entitlement to convert conferred on the deceased.