Finance Act 2003 broadened the scope of the legislation so that it now applies in relation to a wider class of financial products, described in the legislation as “securities” (ITEPA03/S420).
The following are defined as “securities”:
Before Finance Act 2003, the legislation used the term ‘shares’. In this context ‘shares’ normally included company loan stock, but did not include government loan stock. Convertible shares were the exception in that the legislation only applied to shares, in the strict sense of the word, excluding both company and government loan stock.
