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Finance Act 2003
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- UK Public General Acts
- 2003 c. 14
- SCHEDULE 21
- Part 3
- Exercise of options: exclusion...
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Changes over time for: Cross Heading: Exercise of options: exclusion of income tax liability
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- 10/07/2003- Amendment
- 07/12/2007
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Finance Act 2003, Cross Heading: Exercise of options: exclusion of income tax liability is up to date with all changes known to be in force on or before 25 May 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.
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Exercise of options: exclusion of income tax liabilityU.K.
14(1)Section 524 (no charge in respect of exercise of option under CSOP scheme) is amended as follows.U.K.
(2)For subsection (1)(b) substitute—
“(b)Condition A or B is met.”.
(3)For subsections (2) and (3) substitute—
“(2)Condition A is that the option is exercised—
(a)on or after the third anniversary of the date on which it was granted, but
(b)not later than the tenth anniversary of that date.
(2A)Condition B is that the option—
(a)is exercised before the third anniversary of the date on which it was granted, and
(b)is so exercised by virtue of a provision included in the scheme under paragraph 24 of Schedule 4 (exercise of options after ceasing to be director or employee) in circumstances in which subsection (2B) applies.
(2B)This subsection applies if the individual exercising the option—
(a)has ceased to be a full-time director or qualifying employee of the scheme organiser (or, in the case of a group scheme, a constituent company) because of injury, disability, redundancy or retirement, and
(b)exercises the option within 6 months of the day on which he ceases to be such a director or employee.
(2C)In subsection (2B)—
“redundancy” means redundancy within the meaning of ERA 1996 or ER(NI)O 1996, and
“retirement” means retirement on or after reaching a retirement age specified in the scheme.”.
(4)For section 525(1)(b) (no charge in respect of post-acquisition benefits) substitute—
“(b)Condition A or B (as set out in section 524(2) or (2A)) is met.”.
(5)This paragraph has effect in relation to any exercise of an option on or after 9th April 2003.
15(1)Schedule 4 (approved CSOP schemes) is amended as follows.U.K.
(2)After paragraph 35 insert—
“Retirement ageU.K.
35AA retirement age specified in a CSOP scheme—
(a)must be the same for men and women, and
(b)must not be less than 55.”.
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