{
  "url": "https://openlegislation.uk/finance-act-1989/schedule-11/paragraph-4",
  "json_url": "https://openlegislation.uk/finance-act-1989/schedule-11/paragraph-4.json",
  "legislation": "ukpga/1989/26",
  "legislation_title": "Finance Act 1989",
  "legislation_url": "https://openlegislation.uk/finance-act-1989",
  "path": "schedule/11/paragraph/4",
  "kind": "paragraph",
  "number": "4",
  "heading": null,
  "text": "(1) This paragraph has effect for the purposes of this Schedule.\n(2) “Transfer”, in relation to a security, means transfer by wayof sale, exchange, gift or otherwise.\n(2A) But (notwithstanding sub-paragraph (2) above) “transfer”does not include a transfer made ona conversion of a security into sharecapital in a company.\n(3) Where an agreement for the transfer of a security is made, it istransferred, and the person to whom it is agreed to be transferred becomesentitled to it, when the agreement is made and not on a later transfer madepursuant to the agreement; and “entitled”, “transfer” and cognateexpressions shall be construed accordingly.\n(4) A person holds a security at a particular time if he is entitled to it atthe time.\n(5) A person acquires a security when he becomes entitled to it; and “acquisition” shall be construed accordingly.\n(6) If an agreement is conditional (whether on the exercise of an option orotherwise) for the purposes of sub-paragraph (3) above it is made when thecondition is exercised.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Finance Act 1990 (c. 29), s. 56, Sch. 10 para. 27(2),29(1)–deemed always to have had effect"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1989/26/schedule/11/paragraph/4",
    "retrieved_at": "2026-10-29T09:46:42.124806+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}