OpenLegislation

Paragraph 41

United Kingdom

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

An option is not a qualifying option unless the terms on which it is granted—

(a)

prohibit the person to whom it is granted from transferring any of his rights under it, and

(b)

if they permit its exercise after that person’s death, do not permit such exercise more than one year after the death.

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Sch. 14 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)