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Income Tax (Earnings and Pensions) Act 2003

Paragraph 38: Non-assignability of rights

3531.This paragraph explains that in order to qualify under EMI an option must not include any transferable rights. If the option includes a right for it to be exercised after the employee’s death, the right may not extend for more than one year after the employee’s death. It is not clear from the source legislation whether the one-year period includes any part or indeed the whole of the day on which the employee died. Sub-paragraph (b) clarifies this by referring to “one year after the date of the death” so if, for example, the employee dies at 2 pm on 1 May 2003, the option must be exercised before 2 May 2004.

3532.This paragraph derives from paragraph 41 of Schedule 14 to FA 2000.

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