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Income Tax (Earnings and Pensions) Act 2003

Part 1: Introduction
Paragraph 1: Enterprise management incentives: qualifying options

3462.This paragraph is a scene-setting paragraph explaining how the Schedule applies to determine what share options qualify under EMI and where within the Schedule the various requirements may be found. It derives from paragraph 1(1) and (2) of Schedule 14 to FA 2000.

3463.The connection between “relevant company” and “qualifying company” has been clarified in sub-paragraph (3)(b).

3464.Also there is a new definition of “appropriate time” in sub-paragraph (4). This term is used in the opening paragraphs in Parts 2 to 5 of this Schedule to demonstrate clearly that the requirements have to be met, when the option is granted. There is also a link back to this phrase in paragraph 44(7) of this Schedule, which provides the same clarification for Part 7. Part 6, which deals with company reorganisations, has its own timing rules in paragraph 43 of this Schedule.

Paragraph 2: Meaning of “the relevant company” and “the employer company”

3465.This paragraph defines the EMI terms “the relevant company” and “the employer company”. It derives from paragraph 1(3) of Schedule 14 to FA 2000.

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