Section 436 — Income Tax (Earnings and Pensions) Act 2003: “ Convertible securities ”

“ Convertible securities ” 436 For the purposes of this Chapter securities are convertible securities if—

a they confer on the holder an entitlement (whether immediate or deferred and whether conditional or unconditional) to convert them into securities of a different description, b a contract, agreement, arrangement or condition authorises or requires the grant of such an entitlement to the holder if certain circumstances arise, or do not arise, or c a contract, agreement, arrangement or condition makes provision for the conversion of the securities (otherwise than by the holder) into securities of a different description.