Income Tax (Earnings and Pensions) Act 2003

441Case outside charge under section 438: acquisition of conditional interest
This section has no associated Explanatory Notes

(1)Section 438 (charge on conversion of shares) does not apply if the interest which the employee acquires in the shares into which the convertible shares are converted is an interest which is only conditional.

(2)“Only conditional” has the same meaning as in Chapter 2 of this Part (see section 424).