BIM44410 - Specific deductions - employee share schemes: Providing shares under FA03/SCH23, a/c periods from 1 Jan 2003 - convertible shares, before 1/9/2003

Before 1 September 2003 the only event relating to convertible shares or securities which triggers a deduction under FA03/SCH23 is when employees acquire qualifying shares which are convertible into other shares or securities.

No special rules apply to these acquisitions. A deduction for providing convertible shares to employees is given for the “acquisition period” in the same way as for acquisitions of other qualifying shares.

No deduction under FA03/SCH23 is given when employees acquire qualifying shares before 1 September 2003 on conversion of other shares or securities.