# Finance Act 1989, Paragraph 22A

Extent: E+W+S+N.I.

(1) Sub-paragraph (2) below applies where—
(a) a security is a qualifying convertible security, for the purposes ofSchedule 10 to the Finance Act 1990, at the time of its issue,
(b) apart from paragraph 21 of Schedule 4 to the Taxes Act 1988, it would bea deep discount security at that time, and
(c) at a later time it ceases to be a qualifying convertible security for thepurposes of Schedule 10 to the Finance Act 1990.
(2) As regards any event occurring in relation to the security after the timementioned in sub-paragraph (1)(c) above, paragraphs 5 to 19 above shall haveeffect 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.

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Source: https://www.legislation.gov.uk/ukpga/1989/26/schedule/11/paragraph/22A (the official version)
Page: https://openlegislation.uk/finance-act-1989/schedule-11/paragraph-22A
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.