Section 1031 — Corporation Tax Act 2009: Additional relief available if shares acquired are convertible shares etc

Additional relief available if shares acquired are convertible shares etc 1031 1 Relief under this Chapter is available to the employing company if, after the acquisition of the acquired securities, a chargeable event (see section 1032) occurs in relation to those securities.

2 Relief under this Chapter is also available to the employing company if the employee—

a is dead when that acquisition occurs, or b dies after that acquisition.

3 But relief resulting from subsection (2) does not become available until the occurrence of the first event (referred to in this Chapter as “ the relief event ”) occurring after the employee's death that would have been a chargeable event in relation to the acquired securities had the employee been alive.

4 To find out what accounting period the relief is given for and how to calculate the amount of relief, see—

a section 1033 for relief available as a result of the occurrence of a chargeable event, and b section 1034 for relief available as a result of the employee's death. Those sections are supplemented by section 1035.

5 Section 1036 provides for the relief to be given to a successor company if the qualifying business is transferred by group transfers.