Paragraph 52

For the purposes of paragraph 47(3) an employee’s relevant working time means the time that he in fact spends as an employee in relevant employment—

The time at which the disqualifying event is taken to have occurred is determined in accordance with the following provisions.

Subject to sub-paragraphs (4) and (5), the time at which the disqualifying event occurred is determined as follows:

For each calendar month calculate whether over the tax year to date the employee’s relevant working time amounts to less than 25 hours a week or, if less, 75% of his working time.

If it does, the disqualifying event is taken to have occurred—

In the case of an employee who begins or ceases to be in relevant employment during the tax year, the references in sub-paragraph (3) above and paragraph 47(3) to that tax year shall be construed as references to the part of the tax year in which he is in relevant employment.

If the time determined under sub-paragraph (3) or (4) falls before the grant of the option, the option is treated for the purposes of this Schedule as if it had never been a qualifying option.

Expressions used in paragraph 47(3) or this paragraph that are defined for the purposes of paragraph 29 (requirement as to commitment of working time) have the same meaning as in that paragraph.