Debentures to be treated as shares
8(1)In paragraph 22(1) (interpretation), in the definition of “shares” for “includes any securities of that company” substitute— “includes—
(a)any securities of that company, and
(b)any debentures of that company that are deemed, by virtue of section 251(6), to be securities for the purposes of that section”.
(2)The amendment made by sub-paragraph (1) applies in relation to disposals on or after 6th April 2001 (so that assets disposed of on or after that date that are treated as shares by virtue of that sub-paragraph shall be treated as having been shares in relation to all times relevant for the purposes of Schedule A1).
This is subject to the following provisions.
(3)In relation to any time before 17th April 2002, the amendment made by sub-paragraph (1) does not apply to the references to shares in the following provisions of that Schedule—
(a)paragraph 5 (conditions for assets other than shares to qualify as business assets);
(b)paragraph 6A (meaning of “material interest” for purposes of paragraph 6);
(c)paragraph 11 (periods of share ownership not to count where there is a change of activity by the company), except sub-paragraph (6);
(d)paragraph 11A (periods of share ownership not to count if company is not active);
(e)paragraph 12 (periods of share ownership not to count in a case of value-shifting);
(f)the definition of “unlisted company” in paragraph 22(1).
(4)The amendment made by sub-paragraph (1) does not apply to the references to shares in paragraph 18(1) of that Schedule (special rules for assets acquired in the reconstruction of mutual businesses etc) in so far as they relate to shares issued before 17th April 2002.