# Finance Act 1990, Paragraph 10

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

(1) This paragraph applies for the purposes of this Schedule.
(2) “Transfer”, in relation to a security, means transfer by way of sale, exchange, gift or otherwise.
(3) But (notwithstanding sub-paragraph (2) above) “transfer” does not include a transfer made on a conversion of a security into ordinary share capital in a company.
(4) Where an agreement for the transfer of a security is made, it is transferred, and the person to whom it is agreed to be transferred becomes entitled to it, when the agreement is made and not on a later transfer made pursuant to the agreement; and “entitled”, “transfer” and cognate expressions shall be construed accordingly.
(5) A person holds a security at a particular time if he is entitled to it at the time.
(6) A person acquires a security when he becomes entitled to it.
(7) If an agreement is conditional (whether on the exercise of an option or otherwise) for the purposes of sub-paragraph (4) above it is made when the condition is satisfied.

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Source: https://www.legislation.gov.uk/ukpga/1990/29/schedule/10/paragraph/10 (the official version)
Page: https://openlegislation.uk/finance-act-1990/schedule-10/paragraph-10
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.