Part 12Other relief for employee share acquisitions
Chapter 5Additional relief in cases involving convertible securities
1032Meaning of “chargeable event”
1
In this Chapter “chargeable event” means an event that—
a
is a chargeable event for the purposes of section 438 of ITEPA 2003,
b
is within section 439(3)(a) of ITEPA 2003, and
c
is within subsection (2).
2
An event is within this subsection if it is the conversion of convertible securities into shares in relation to which—
a
if the original relief is or would have been available under Chapter 2, all the conditions set out in section 1008 are met, or
b
if the original relief is or would have been available under Chapter 3, all the conditions set out in section 1016 are met (ignoring paragraph (f) of condition 3).
3
Subsection (4) applies if section 438 of ITEPA 2003—
a
does not apply in relation to the acquired securities, but
b
would apply if at all material times the employee had been a UK employee.
4
This Chapter applies as if the employee had been a UK employee as mentioned in subsection (3)(b).
5
The employee is a UK employee if—
a
the employee is UK resident and ordinarily UK resident, and
b
the duties of the relevant employment are performed in the United Kingdom.