# Finance Act 1989, Paragraph 22B

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

(1) In a case 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, and
(b) apart from this sub-paragraph it would be a deep gain security at thattime,
then (subject to sub-paragraph(3) below) the security shall be treated,at the time of its issue and at all subsequent times, as not being a deep gainsecurity.
(2) Sub-paragraph (3) below applies where—
(a) sub-paragraph (1) above applies in the case of a security, and
(b) at a time after its issue it ceases to be a qualifying convertiblesecurity for the purposes of Schedule 10 to the Finance Act 1990.
(3) As regards any event occurring in relation to the security after the timementioned in sub-paragraph (2)(b) 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).
(4) For the purposes of sub-paragraph (3)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/22B (the official version)
Page: https://openlegislation.uk/finance-act-1989/schedule-11/paragraph-22B
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.