Paragraph 22

United Kingdom

(1)

Sub-paragraph (2) below applies where—

(a)

a qualifying indexed security has been issued,

(b)

the person by whom it was issued and the person for the time being holdingit make an agreement, on or after 14th March 1989, varying the terms underwhich it is held, and

(c)

the terms as varied are such that, had the security been issued on thoseterms, it would be a deep gain security.

(2)

As regards any event occurring in relation to the security after theagreement is made, paragraphs 5 to 19 above shall have effect as if—

(a)

the security were a deep gain security, and

(b)

it had been acquired as such (whatever the time it was acquired).

(3)

For the purposes of sub-paragraph (2) above events, in relation to asecurity, include anything constituting a transfer or acquisition for thepurposes of this Schedule.

(4)

In this paragraph “qualifying indexed security” has the meaning given byparagraph 2 above.

Notes on Schedule 11

Textual amendments

F1: Sch. 11 repealed (29.4.1996) by 1996 c. 8, ss. 104, 205, Sch. 14 para. 57, Sch. 41 Pt. V(3) (with savings in Pt. IV Ch. II (ss. 80-105))