# Finance Act 1989, Paragraph 4

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

(1) This paragraph has effect for the purposes of this Schedule.
(2) “Transfer”, in relation to a security, means transfer by wayof sale, exchange, gift or otherwise.
(2A) But (notwithstanding sub-paragraph (2) above) “transfer”does not include a transfer made ona conversion of a security into sharecapital in a company.
(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.
(4) A person holds a security at a particular time if he is entitled to it atthe time.
(5) A person acquires a security when he becomes entitled to it; and “acquisition” shall be construed accordingly.
(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.

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Source: https://www.legislation.gov.uk/ukpga/1989/26/schedule/11/paragraph/4 (the official version)
Page: https://openlegislation.uk/finance-act-1989/schedule-11/paragraph-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.