Timing of relief in case of convertible sharesU.K.
[F122D(1)Where the recipient acquires convertible shares, this paragraph applies in place of paragraph 10 or 17 (timing of relief).
(2)The relief mentioned in paragraph 22C(3) is given for the accounting period in which the recipient acquires the convertible shares under the award.
(3)The relief mentioned in paragraph 22C(4) is given for the accounting period in which the recipient acquires the convertible shares pursuant to the option.
(4)The time when shares are acquired is when the recipient acquires a beneficial interest in the shares and not, if different, the time the shares are conveyed or transferred.
(5)The relief mentioned in paragraph 22C(6) is given for the accounting period in which the chargeable event takes place.
(6)The relief mentioned in paragraph 22C(7) is given for the accounting period in which the event takes place which would have been a chargeable event but for the death of the employee.]
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