Version Superseded: 18/04/2005
Point in time view as at 13/06/2003.
Income Tax (Earnings and Pensions) Act 2003, Cross Heading: Requirements as to price for acquisition of shares is up to date with all changes known to be in force on or before 09 March 2025. 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.
22(1)The price at which shares may be acquired by the exercise of a share option granted under the scheme—U.K.
(a)must be stated at the time when the option is granted, and
(b)must not be manifestly less than the market value of shares of the same class at that time.
This is subject to sub-paragraphs (2) and (3).
(2)The Inland Revenue and the scheme organiser may agree in writing that sub-paragraph (1)(b) is to apply as if the reference to the time when the option is granted were to an earlier time or times stated in the agreement.
(3)The scheme may provide for one or more of the following—
(a)the price at which shares may be acquired by the exercise of a share option granted under the scheme,
(b)the number of shares which may be so acquired, or
(c)the description of shares which may be so acquired,
to be varied so far as necessary to take account of a variation in the share capital of which the shares form part.
(4)But the scheme must provide that no such variation is to be made without the prior approval of the Inland Revenue.
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