Paragraph 36
United Kingdom
The option must be capable of being exercised within F1the specified period beginning with the date on which it is granted.
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 F2the specified period if the conditions may be fulfilled within that period.
In this paragraph, the “specified period” means—
15 years, or
where the employer company is a specified Northern Ireland company, 10 years.
Annotations
Textual amendments
- F1
Words in Sch. 5 para. 36(1) substituted (6.4.2026) by Finance Act 2026 (c. 11), s. 13(6)(b)(9)
- F2
Words in Sch. 5 para. 36(2) substituted (6.4.2026) by Finance Act 2026 (c. 11), s. 13(6)(c)(9)
- F3
Sch. 5 para. 36(3) inserted (6.4.2026) by Finance Act 2026 (c. 11), s. 13(6)(d)(9)
Notes on Schedule 5
Modifications
- C1
Sch. 5 modified (18.3.2026) by Finance Act 2026 (c. 11), s. 16
- C2
Sch. 5 modified (6.4.2026) by Finance Act 2026 (c. 11), s. 13(10)
Notes on Option to be capable of exercise the specified period
Textual amendments
- F1
Words in Sch. 5 para. 36 cross-heading substituted (6.4.2026) by Finance Act 2026 (c. 11), s. 13(6)(a)(9)