Paragraph 51

United Kingdom

(1)

This paragraph applies where it falls to be determined whether a disqualifying event within sub-paragraph (1)(g) of paragraph 47 has occurred in relation to a qualifying option (“the qualifying option”) granted to an employee.

(2)

For the purposes of that sub-paragraph and this paragraph “CSOP option” has the meaning given in paragraph 10(6).

(3)

A CSOP option is a “relevant" CSOP option if it is granted to the employee by reason of his employment with—

(a)

the employer company, or

(b)

if that company is a member of a group, any member of that group.

(4)

An option is an “employee option" if it is—

(a)

the qualifying option,

(b)

another qualifying option granted to the employee by reason of his employment with the employer company or, if that company is a member of a group, any member of that group, or

(c)

a relevant CSOP option.

(5)

Paragraph 10(7) and (8) (determination of value of shares) apply for the purposes of paragraph 47(1)(g) as they apply for the purposes of paragraph 10.

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F1: Sch. 14 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)