Corporation Tax Act 2009 (c. 4)

Part 12 U.K. Other relief for employee share acquisitions

Modifications etc. (not altering text)

C1 Pt. 12 applied by 2010 c. 8, s. 425(5) (as inserted (with effect in accordance with Sch. 5 para. 25(1)-(3) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 1 (with Sch. 5 paras. 27, 32-34))

Chapter 5 U.K. Additional relief in cases involving convertible securities

1032 Meaning of “chargeable event” U.K.

(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).

F1 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 S. 1032(3)-(5) omitted (with effect in accordance with Sch. 9 para. 48 of the amending Act) by virtue of Finance Act 2014 (c. 26), Sch. 9 paras. 33, 47