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Income Tax (Earnings and Pensions) Act 2003
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Maximum value of options in respect of relevant company’s shares
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7(1)The total value of shares in the relevant company in respect of which unexercised qualifying options exist must not exceed £3 million.
(2)A share option cannot be a qualifying option if the limit in sub-paragraph (1) is already exceeded at the time when it is granted.
(3)If the grant of a share option causes that limit to be exceeded, the option cannot be a qualifying option so far as it relates to the excess.
(4)If the grant of two or more options at the same time causes that limit to be exceeded, sub-paragraph (5) applies.
(5)For the purpose of determining which part of each option relates to the excess, the amount of the excess is to be divided pro rata among the options according to the value of the shares in respect of which each option was granted.
(6)Paragraph 5(6) to (8) (determination of value of shares) apply for the purposes of this paragraph as they apply for the purposes of paragraph 5.
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