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Paragraph 38

United Kingdom

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

The option must confer a right to acquire shares that—

(a)

form part of the ordinary share capital of the relevant company,

(b)

are fully paid up, and

(c)

are not redeemable.

(2)

Shares are not fully paid up for the purposes of sub-paragraph (1)(b) if there is any undertaking to pay cash to the relevant company at a future date.

(3)

For the purposes of sub-paragraph (1)(c) “redeemable” shares include shares that may become redeemable at a future date.

Notes on Schedule 14

Textual amendments

F1

Sch. 14 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)