{
  "url": "https://openlegislation.uk/finance-act-2000/schedule-14/paragraph-46",
  "json_url": "https://openlegislation.uk/finance-act-2000/schedule-14/paragraph-46.json",
  "legislation": "ukpga/2000/17",
  "legislation_title": "Finance Act 2000",
  "legislation_url": "https://openlegislation.uk/finance-act-2000",
  "path": "schedule/14/paragraph/46",
  "kind": "paragraph",
  "number": "46",
  "heading": null,
  "text": "(1) This paragraph applies if the option is to acquire shares at a nil cost.\n(2) In that case for the purposes of section 135 of the Taxes Act 1988 (taxation of share options) the amount of the gain realised by the exercise of the option is taken to be the amount by which—\n(a) the chargeable market value (within the meaning of paragraph 45), exceeds\n(b) the amount or value of the consideration given for the grant of the option.\n(2A) If the chargeable market value does not exceed the amount or value of the consideration given for the grant of the option, 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.\n(3) This paragraph has effect subject to paragraph 53 (effect of disqualifying event).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 14 para. 46(2)(2A) substituted (11.5.2001 with effect as mentioned in Sch. 14 para. 13(2) of the amending Act) for Sch. 14 para. 46(2) by 2001 c. 9, s. 62, Sch. 14 paras. 8, 13(2)"
    }
  ],
  "outstanding_effects": [
    {
      "type": "inserted",
      "affecting": "asp/2001/8",
      "affecting_title": "Regulation of Care (Scotland) Act 2001"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2000/17/schedule/14/paragraph/46",
    "retrieved_at": "2026-10-29T09:21:00.128981+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}