# Finance Act 2003, Paragraph 41


(1) In section 541 (enterprise management incentives: effect on other income tax charges), for subsections (1) and (2) substitute—
“(1) Nothing in the EMI code affects—
(a) the operation of Chapters 2 to 4 of this Part in relation to shares acquired under a qualifying option, or
(b) the operation of Chapter 5 of this Part otherwise than in relation to the acquisition of shares under a qualifying option.
(2) But in calculating the taxable amount for the purposes of section 426 (post-acquisition charge on restricted securities) in respect of shares acquired under a qualifying option, the amount of relief on the exercise of the option is to be regarded as a deductible amount for the purposes of section 428 (amount of charge).”.
(2) So far as relating to—
(a) Chapter 9 of Part 3 (which is repealed and replaced by provisions inserted in Part 7),
(b) any of the new Chapters substituted or inserted in Part 7 by this Schedule, and
(c) each of the Chapters of that Part as originally enacted for which new Chapters are substituted by this Schedule,
sub-paragraph (1) has effect in accordance with the provision made for the taking effect of the repeal, substitution or insertion.

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Source: https://www.legislation.gov.uk/ukpga/2003/14/schedule/22/paragraph/41 (the official version)
Page: https://openlegislation.uk/finance-act-2003/schedule-22/paragraph-41
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.