OpenLegislation

Paragraph 56

United Kingdom

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

(1)

In this Part of this Schedule “qualifying shares”—

(a)

means shares acquired by the exercise of a qualifying option, subject to sub-paragraphs (2) and (3), and

(b)

includes shares (“replacement shares”) which—

(i)

are treated under section 127 of the M1Taxation of Chargeable Gains Act 1992 (company reorganisations etc.) as the same asset as a holding of qualifying shares, and

(ii)

meet the requirements of paragraph 38 (type of shares that may be acquired under qualifying option).

(2)

If a disqualifying event occurs in relation to a qualifying option (whether the original option or a replacement option), shares acquired by the exercise of the option are qualifying shares only if the option is exercised within 40 days of that event.

(3)

References in this Part to “the original option", where there has been one or more replacement options, are to the option that the replacement option (or, if there has been more than one, the first of them) replaced.

Annotations

Marginal citations

M1

1992 c. 12.

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Sch. 14 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)