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Income Tax (Earnings and Pensions) Act 2003

Changes over time for: Cross Heading: Tax advantages: exercise of option

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Version Superseded: 27/04/2017

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Point in time view as at 01/09/2013.

Changes to legislation:

Income Tax (Earnings and Pensions) Act 2003, Cross Heading: Tax advantages: exercise of option is up to date with all changes known to be in force on or before 03 June 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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Tax advantages: exercise of optionU.K.

529Scope of tax advantages: option must be exercised within 10 yearsU.K.

(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.

530No charge on exercise of option to acquire shares at market valueU.K.

(1)This section applies if the option is to acquire shares at not less than their market value—

(a)at the time when the option is granted, or

(b)if it is a replacement option, at the time when the original option was granted.

(2)If this section applies, no liability to income tax arises by virtue of section 476 (charge on exercise etc. of option by employee) in respect of the exercise of the option.

(3)This section has effect subject to section 532 (modified tax consequences following disqualifying events).

531Limitation of charge on exercise of option to acquire shares below market valueU.K.

(1)This section applies if the option is to acquire shares at less than their market value—

(a)at the time when the option is granted, or

(b)if it is a replacement option, at the time when the original option was granted,

or at nil cost.

(2)If this section applies, the section 476 gain is—

where—

CMV is the chargeable market value,

ACO is the amount or value of the consideration given for the grant of the option, and

ACS is the amount, if any, for which the shares are acquired.

(3)“The chargeable market value” means—

(a)the market value of the shares—

(i)at the time when the option was granted, or

(ii)if it is a replacement option, at the time when the original option was granted, or

(b)the market value of the shares at the time when the option is exercised,

whichever is lower.

[F2(3A)Sections 226B to 226D (deemed payment for acquisition of employee shareholder shares) provide for the determination of the amount, if any, for which employee shareholder shares (within the meaning of section 226A(6)) are acquired.]

(4)In this section “the section 476 gain” means the amount [F3under section 478 (amount of charge under section 476) is to be regarded as the taxable amount for the purposes of section 476 in respect of the acquisition of the shares pursuant to the option.]

(5)This section has effect subject to section 532 (modified tax consequences following disqualifying events).

Textual Amendments

F3Words in s. 531(4) substituted (1.9.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 37(1)(2); S.I. 2003/1997, art. 2

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