# Finance Act 2000, Paragraph 56

Extent: E+W+S+N.I.

(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 Taxation 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.

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Source: https://www.legislation.gov.uk/ukpga/2000/17/schedule/14/paragraph/56 (the official version)
Page: https://openlegislation.uk/finance-act-2000/schedule-14/paragraph-56
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.