- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (05/12/2005)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 17/07/2013
Point in time view as at 05/12/2005.
Income Tax (Earnings and Pensions) Act 2003, Paragraph 34 is up to date with all changes known to be in force on or before 26 August 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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34(1)The scheme must provide that, if a participant (“P”) no longer holds scheme-related employment (see paragraph 35), the options are exercisable as set out in sub-paragraphs (2) to (4).U.K.
(2)In a case where P ceases to hold the scheme-related employment because of—
(a)injury or disability or redundancy within the meaning of ERA 1996 [F1 or ER(NI)O 1996 ], or
(b)retirement on reaching the specified age, or any other age at which P is bound to retire in accordance with the terms of P’s contract of employment,
the options may only be exercised within 6 months after the termination date.
(3)In a case where P ceases to hold the scheme-related employment for any other reason, share options granted more than 3 years before the termination date either—
(a)may not be exercised, or
(b)may only be exercised within 6 months after the termination date,
according to which of these alternatives is specified in the scheme.
(4)Subject to any provision made under sub-paragraph (5), in a case where P ceases to hold the scheme-related employment for any reason other than one within sub-paragraph (2)(a) or (b), share options granted 3 years or less before the termination date may not be exercised at all.
(5)The scheme may [F2make provision about the time when the options may be exercised] in a case where P ceases to hold the scheme-related employment only because—
(a)it is in a company of which the scheme organiser ceases to have control, or
(b)it relates to a business or part of a business which is transferred to a person who is not an associated company of the scheme organiser.
F3...
[F4(5A)If the scheme makes provision by virtue of sub-paragraph (5), the provision must be either—
(a)that the options may be exercised within 6 months after the termination date, or
(b)that the options may be exercised within 6 months after the date (if any) when P ceases to hold the employment which (before the termination date) was the scheme-related employment for a reason within sub-paragraph (2)(a) or (b).]
(6)This paragraph has effect subject to paragraph 30(1)(b) (options must not be capable of being exercised later than 6 months after bonus date).
(7)In this paragraph—
“
” means the office or employment by reference to which the person satisfies the condition in paragraph 10(1) (“the employment requirement”);“the termination date” means the date when P ceases to hold the scheme-related employment (see paragraph 35).
Textual Amendments
F1Words in Sch. 3 para. 34(2)(a) inserted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 21 para. 11(2)
F2Words in Sch. 3 para. 34(5) substituted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 21 para. 11(3)(a)
F3Words in Sch. 3 para. 34(5) repealed (10.7.2003) by Finance Act 2003 (c. 14), Sch. 21 para. 11(3)(b), Sch. 43 Pt. 3(3)
F4Sch. 3 para. 34(5A) inserted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 21 para. 11(4)
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