{
  "url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-5/paragraph-3",
  "json_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-5/paragraph-3.json",
  "legislation": "ukpga/2003/1",
  "legislation_title": "Income Tax (Earnings and Pensions) Act 2003",
  "legislation_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003",
  "path": "schedule/5/paragraph/3",
  "kind": "paragraph",
  "number": "3",
  "heading": null,
  "text": "A share option is not a qualifying option unless the requirements of this Part of this Schedule as to the following are met at the appropriate time—\nthe purpose for which the option is granted (see paragraph 4),\nthe maximum entitlement of an employee (see paragraphs 5 and 6),\nthe maximum value of the relevant company’s shares in respect of which unexercised options can exist (see paragraph 7).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [
    {
      "type": "words substituted",
      "affecting": "ukpga/2025/36",
      "affecting_title": "Employment Rights Act 2025"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/1/schedule/5/paragraph/3",
    "retrieved_at": "2026-10-29T09:18:42.395488+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."
}