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Paragraph 48

United Kingdom

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

Where a replacement option has been granted (see paragraph 61), if an event within paragraph 47(1)(a) (loss of independence) has occurred in relation to the old option at any time during the period—

(a)

beginning at the same time as the period within which the replacement option had to be granted (see paragraph 62), and

(b)

ending with the release of the rights under the old option,

that event shall not be regarded as a disqualifying event in relation to the old option.

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Sch. 14 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)