Meaning of “convertible shares”U.K.
[F122B(1)Shares are “convertible shares” for the purposes of this Schedule if they are convertible securities, or an interest in convertible securities.
(2)But convertible securities which are not shares, or an interest in convertible securities which are not shares, are to be taken to be convertible shares for the purposes of this Schedule as it applies in relation to the reliefs given by paragraph 22C(6) and (7).
(3)In this paragraph “convertible securities” has the same meaning as in Chapter 3 of Part 7 of the Income Tax (Earnings and Pensions) Act 2003 (see section 436 of that Act).]
Textual Amendments
F1Sch. 23 Pt. 4A inserted (with effect in accordance with Sch. 22 para. 69(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 69(1); S.I. 2003/1997, art. 2