# Finance Act 2003, Paragraph 54


(1) In section 288 (interpretation), after subsection (1) insert—
“(1A) If any employment-related securities option would not otherwise be regarded as an option for the purposes of this Act, it shall be so regarded; and the acquisition of securities by an associated person pursuant to an employment-related securities option is to be treated for the purposes of this Act as the exercise of the option.
Expressions used in this subsection and Chapter 5 of Part 7 of ITEPA 2003 have the same meaning in this subsection as in that Chapter.”.
(2) Sub-paragraph (1) has effect in accordance with the provision made for the substitution of Chapter 5 of Part 7 of the Income Tax (Earnings and Pensions) Act 2003 (c. 1).

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Source: https://www.legislation.gov.uk/ukpga/2003/14/schedule/22/paragraph/54 (the official version)
Page: https://openlegislation.uk/finance-act-2003/schedule-22/paragraph-54
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.