Commentary on Sections Example 3 Ne = £5,000; Da = 183; De = 183; Smg = 0 Section 441: Case outside charge under section 438: acquisition of conditional interest
1882.This section provides that no charge arises under this Chapter if the new shares are within the scope of Chapter 2. This ensures that where a conditional interest in shares is acquired on the conversion of other shares and under section 426 of the Act there is no charge in respect of the acquisition of the interest, there will not be a charge under this Chapter in respect of the conversion of the other shares. The section derives from section 140D(10) of ICTA.