Part 7

Employment income: income and exemptions relating to securities
Chapter 9

Enterprise management incentives

Tax advantages: exercise of option

Scope of tax advantages: option must be exercised within 10 years
529
1
Sections 530 to 540 apply in connection with the exercise of a qualifying option.
2
But those sections only apply in cases where the option is exercised on or before the tenth anniversary of—
a
the date of the grant of the option, or
b
if it is a replacement option, the date of the grant of the original option.
3
In the EMI code “the original option” means—
a
where there has been one replacement option, the option that that option replaced, or
b
where there have been two or more replacement options, the option that the first of them replaced.
Pt. 7: power to modify conferred (7.4.2005) by Finance Act 2005 (c. 7), s. 21(8)-(10)
Pt. 7 heading substituted (with effect in accordance with Sch. 22 para. 2(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 2(1)