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Paragraph 44

United Kingdom

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

(1)

This paragraph applies if the option is to acquire shares at not less than their market value—

(a)

at the time the option is granted, or

(b)

if it is a replacement option, at the time the original option was granted.

(2)

In that case no amount is chargeable to income tax under section 135 of the Taxes Act 1988 (taxation of share options) in respect of the exercise of the option.

(3)

This paragraph has effect subject to paragraph 53 (effect of disqualifying event).

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Sch. 14 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)