{
  "url": "https://openlegislation.uk/finance-act-2003/schedule-21/paragraph-14",
  "json_url": "https://openlegislation.uk/finance-act-2003/schedule-21/paragraph-14.json",
  "legislation": "ukpga/2003/14",
  "legislation_title": "Finance Act 2003",
  "legislation_url": "https://openlegislation.uk/finance-act-2003",
  "path": "schedule/21/paragraph/14",
  "kind": "paragraph",
  "number": "14",
  "heading": null,
  "text": "(1) Section 524 (no charge in respect of exercise of option under CSOP scheme) is amended as follows.\n(2) For subsection (1)(b) substitute—\n“(b) Condition A or B is met.”.\n(3) For subsections (2) and (3) substitute—\n“(2) Condition A is that the option is exercised—\n(a) on or after the third anniversary of the date on which it was granted, but\n(b) not later than the tenth anniversary of that date.\n(2A) Condition B is that the option—\n(a) is exercised before the third anniversary of the date on which it was granted, and\n(b) is so exercised by virtue of a provision included in the scheme under paragraph 24 of Schedule 4 (exercise of options after ceasing to be director or employee) in circumstances in which subsection (2B) applies.\n(2B) This subsection applies if the individual exercising the option—\n(a) has ceased to be a full-time director or qualifying employee of the scheme organiser (or, in the case of a group scheme, a constituent company) because of injury, disability, redundancy or retirement, and\n(b) exercises the option within 6 months of the day on which he ceases to be such a director or employee.\n(2C) In subsection (2B)—\n“redundancy” means redundancy within the meaning of ERA 1996 or ER(NI)O 1996, and\n“retirement” means retirement on or after reaching a retirement age specified in the scheme.”.\n(4) For section 525(1)(b) (no charge in respect of post-acquisition benefits) substitute—\n“(b) Condition A or B (as set out in section 524(2) or (2A)) is met.”.\n(5) This paragraph has effect in relation to any exercise of an option on or after 9th April 2003.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/14/schedule/21/paragraph/14",
    "retrieved_at": "2026-10-29T09:18:27.996599+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}