Skip to main content


Volume 82: debated on Wednesday 10 July 1985

The text on this page has been created from Hansard archive content, it may contain typographical errors.

12A. — (1) Where there is a conversion of securities the person who was entitled to them immediately before the conversion shall be treated for the purposes of this Chapter as transferring them on the day of the conversion (if there is no actual transfer).

(2) The transfer shall be treated as made with accrued interest if the person was entitled to receive in respect of the securities interest payable on—

  • (a) the day of the conversion, if that is an interest payment day, or
  • (b) the next (or first) interest payment day to fall after the day of the conversion, in any other case,
  • and they shall be treated as transferred without accrued interest if he was not so entitled.

    (3) For the purposes of this Chapter the interest period in which the conversion is made shall be treated as ending on the day on which it would have ended had the conversion not been made.

    (4) In this paragraph "conversion" means conversion within the meaning of section 82 of the Capital Gains Tax Act 1979.'.

    No. 128, in page 186, line 33, at end insert—