Income Tax Act 2007

Share incentive plans: definition of “applicable period” U.K.

103 (1) This paragraph applies for the purposes of section 489 if the relevant shares (see subsection (1) of that section) were acquired by the trustees before 11 May 2001. U.K.

(2) That section applies in relation to those shares with the following modifications.

(3) It applies as if subsection (2) were omitted.

(4) It applies as if in subsection (3) the words “If any were” were omitted.

(5) It applies as if in subsection (4)—

(a) for “If none were” there were substituted “ But if when the trustees acquired the relevant shares none of the shares in the relevant company were readily convertible assets ”, and

(b) in paragraph (b) for “any shares in the relevant company” there were substituted “ the relevant shares ”.

(6) It applies as if in subsection (5) for “(2) to” there were substituted “ (3) and ”.