# Income Tax (Earnings and Pensions) Act 2003, Paragraph 3


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—
the purpose for which the option is granted (see paragraph 4),
the maximum entitlement of an employee (see paragraphs 5 and 6),
the maximum value of the relevant company’s shares in respect of which unexercised options can exist (see paragraph 7).

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Source: https://www.legislation.gov.uk/ukpga/2003/1/schedule/5/paragraph/3 (the official version)
Page: https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-5/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.