SCHEDULES

SCHEDULE 23U.K.Corporation tax relief for employee share acquisition

Part 3U.K.Grant of option

[F1Income tax position of the employeeU.K.

Textual Amendments

F1Sch. 23 para. 14 and crossheading substituted (1.9.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 65; S.I. 2003/1997, art. 2

14(1)It must be the case that the acquisition of shares pursuant to the option—U.K.

(a)is a chargeable event in relation to the employee for the purposes of section 476 of the Income Tax (Earnings and Pensions) Act 2003 (whether or not an amount counts as employment income by virtue of that event), or

(b)would be such a chargeable event in relation to the employee if the conditions specified in sub-paragraph (2) were met.

(2)The conditions mentioned in sub-paragraph (1)(b) are—

(a)that the employee was resident and ordinarily resident in the United Kingdom at all material times, and

(b)that the duties of the employment by reason of which the option was granted were performed in the United Kingdom at all material times.]