No versions valid at: 21/03/2000
Point in time view as at 21/03/2000. This version of this cross heading contains provisions that are not valid for this point in time.
There are currently no known outstanding effects for the Finance Act 2000, Cross Heading: Exercise of option to acquire shares at nil cost.
Valid from 28/03/2000
Valid from 28/07/2000
46(1)This paragraph applies if the option is to acquire shares at a nil cost.
(2)In that case for the purposes of section 135 of the Taxes Act 1988 (taxation of share options) the amount of the gain realised by the exercise of the option is taken to be—
(a)the market value of the shares—
(i)at the time the option was granted, or
(ii)if it is a replacement option, at the time the original option was granted, or
(b)if lower, the market value of the shares at the time the option is exercised.
(3)This paragraph has effect subject to paragraph 53 (effect of disqualifying event).
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