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Paragraph 42

United Kingdom

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

(1)

The provisions of this Part of this Schedule give relief from income tax in respect of the grant or exercise of a qualifying option.

(2)

Relief in respect of the exercise of a qualifying option applies only to exercise within the period of ten years after—

(a)

the grant of the option, or

(b)

if it is a replacement option, the grant of the original option.

(3)

In this Part the references to the “original option", where there has been one or more replacement options, are to the option that the replacement option (or, if there has been more than one, the first of them) replaced.

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Sch. 14 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)