Section 1030 | Application of Chapter

(1)This Chapter applies if relief under Chapter 2 or 3 is available in relation to an acquisition of convertible shares.

(2)This Chapter also applies if—

(a)there is an acquisition of convertible securities that are not shares, and

(b)relief under Chapter 2 or 3 would have been available in relation to the acquisition but for the fact that the securities were not shares in relation to which all the conditions set out in section 1008 or 1016 were met.

(3)For the purposes of subsections (1) and (2)(b) it does not matter if the amount of relief is calculated or would have been calculated as nil.

(4)In this Chapter—

“the acquired securities” means the convertible shares mentioned in subsection (1) or the convertible securities mentioned in subsection (2),

“convertible securities” includes an interest in convertible securities, and

“the original relief” means the relief mentioned in subsection (1) or (2)(b).

(5)If the original relief is or would have been available as a result of section 1015(3) (death of recipient), this Chapter applies as if the recipient were alive and the acquired securities were acquired by the recipient.

(6)If the original relief is or would have been available as a result of section 1022 (takeover of company whose shares are subject to an option), this Chapter applies as if the acquired securities were acquired pursuant to the qualifying option mentioned in that section.