Paragraph 34: Exercise of options: scheme-related employment ends
3327.This paragraph derives from paragraphs 19 and 21(1)(e) of Schedule 9 to ICTA, and draws on material in paragraph 22 of that Schedule.
3328.The paragraph deals with the various circumstances in which an employee may leave “scheme-related employment”, a term defined in sub-paragraph (7).
3329.The effect of the various situations has been clarified and one more significant revision to the situation set out in former paragraph 21(1)(e). This is to link new sub-paragraph (5) to sub-paragraph (4), to emphasise that this provision is required to enable the option to be exercised within the first three years (though income tax relief is not available in these circumstances).
3330.Paragraph 21(3) of Schedule 9 to ICTA is spent.