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Paragraph 39

United Kingdom

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

(1)

The option must be capable of being exercised within the period of ten years beginning with the date on which it is granted.

(2)

Where the exercise of the option is dependent on the fulfilment of conditions, it is taken to be capable of being exercised within the period mentioned in sub-paragraph (1) if the conditions may be fulfilled within that period.

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Sch. 14 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)