{
  "url": "https://openlegislation.uk/finance-act-1990/schedule-10/paragraph-26",
  "json_url": "https://openlegislation.uk/finance-act-1990/schedule-10/paragraph-26.json",
  "legislation": "ukpga/1990/29",
  "legislation_title": "Finance Act 1990",
  "legislation_url": "https://openlegislation.uk/finance-act-1990",
  "path": "schedule/10/paragraph/26",
  "kind": "paragraph",
  "number": "26",
  "heading": null,
  "text": "(1) Schedule 4 to the Taxes Act 1988 (deep discount securities) shall be amended as follows.\n(2) In paragraph 1 (interpretation) the following sub-paragraph shall be inserted after sub-paragraph (1)—\n“(1A) Notwithstanding anything in sub-paragraph (1) above, for the purposes of this Schedule a security is not a deep discount security if—\n(a) it was issued by a company on or after 1st August 1990, and\n(b) under the terms of issue it can be converted into share capital in a company (whether or not the company is the one which issued the security).”\n(3) The following shall be inserted after paragraph 20—\n“ Convertible securities: special rules\n21 In a case where—\n(a) a security is a qualifying convertible security, for the purposes of Schedule 10 to the Finance Act 1990, at the time of its issue, and\n(b) apart from this paragraph it would be a deep discount security at that time,\nthe security shall be treated, at the time of its issue and at all subsequent times, as not being a deep discount security.”",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1990/29/schedule/10/paragraph/26",
    "retrieved_at": "2026-10-29T09:43:04.265975+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."
}