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12(1)For the purposes of this Part of this Schedule a chargeable event occurs if, on or after 9th June 1989, there is a transfer of a security and at the time of the transfer the security—
(a)is a qualifying convertible security, and
(b)is subject to at least one qualifying provision for redemption under which the occasion for redemption has not arrived.
(2)For the purposes of this Part of this Schedule a chargeable event also occurs if—
(a)a person holding a security redeems it on or after 9th June 1989,
(b)immediately before the redemption the security is a qualifying convertible security, and
(c)the redemption is made in exercise of the option for redemption under a qualifying provision for redemption to which the security is subject.
(3)For the purposes of this Part of this Schedule the chargeable person is the person making the transfer or exercising the option (as the case may be).
(4)Where a chargeable event occurs—
(a)the chargeable amount shall be treated as income of the chargeable person,
(b)the income shall be chargeable to tax under Case III or Case IV (as the case may be) of Schedule D,
(c)the income shall be treated as arising in the year of assessment in which the chargeable event occurs, and
(d)notwithstanding anything in sections 64 to 67 of the Taxes Act 1988, the tax shall be computed on the income arising in the year of assessment for which the computation is made.
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