# Income Tax (Earnings and Pensions) Act 2003, Paragraph 32

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

The scheme must provide that, if a participant dies before exercising the options, they may be exercised at any time on or after the date of death but not later than—
(a) 12 months after the date of death, in a case where the participant dies before the bonus date, or
(b) 12 months after the bonus date, in a case where the participant dies on or within 6 months after that date.

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Source: https://www.legislation.gov.uk/ukpga/2003/1/schedule/3/paragraph/32 (the official version)
Page: https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-3/paragraph-32
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.