{
  "url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-5/paragraph-36",
  "json_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-5/paragraph-36.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/36",
  "kind": "paragraph",
  "number": "36",
  "heading": null,
  "text": "(1) The option must be capable of being exercised within the specified period beginning with the date on which it is granted.\n(2) Where the exercise of the option is dependent on the fulfilment of conditions, the option is to be taken to be capable of being exercised within the specified period if the conditions may be fulfilled within that period.\n(3) In this paragraph, the “specified period” means—\n(a) 15 years, or\n(b) where the employer company is a specified Northern Ireland company, 10 years.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Sch. 5 para. 36(1) substituted (6.4.2026) by Finance Act 2026 (c. 11), s. 13(6)(b)(9)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in Sch. 5 para. 36(2) substituted (6.4.2026) by Finance Act 2026 (c. 11), s. 13(6)(c)(9)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Sch. 5 para. 36(3) inserted (6.4.2026) by Finance Act 2026 (c. 11), s. 13(6)(d)(9)"
    }
  ],
  "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/36",
    "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."
}