# Finance Act 2003, Paragraph 11


(1) Paragraph 34 (exercise of options: scheme-related employment ends) is amended as follows.
(2) In sub-paragraph (2)(a), after “1996” insert “ or ER(NI)O 1996 ”.
(3) In sub-paragraph (5)—
(a) for “provide that,” substitute “ make provision about the time when the options may be exercised ”, and
(b) omit the words following paragraph (b).
(4) After that sub-paragraph insert—
“(5A) If the scheme makes provision by virtue of sub-paragraph (5), the provision must be either—
(a) that the options may be exercised within 6 months after the termination date, or
(b) that the options may be exercised within 6 months after the date (if any) when P ceases to hold the employment which (before the termination date) was the scheme-related employment for a reason within sub-paragraph (2)(a) or (b).”.

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Source: https://www.legislation.gov.uk/ukpga/2003/14/schedule/21/paragraph/11 (the official version)
Page: https://openlegislation.uk/finance-act-2003/schedule-21/paragraph-11
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.