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Income Tax (Earnings and Pensions) Act 2003

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Changes over time for: Section 524

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Version Superseded: 01/09/2003

Status:

Point in time view as at 13/06/2003. This version of this provision has been superseded. Help about Status

Changes to legislation:

Income Tax (Earnings and Pensions) Act 2003, Section 524 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. Help about Changes to Legislation

524No charge in respect of receipt of optionU.K.
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(1)No liability to income tax arises in respect of the exercise of the share option if—

(a)the individual exercises it in accordance with the provisions of the CSOP scheme at a time when the scheme is approved, and

[F1(b)Condition A or B is met.]

[F2(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.]

F2(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)This section does not affect the operation of section 477(4) (no charge on exercise of option by personal representatives etc.).

(5)Paragraph 25 of Schedule 4 provides for the exercise of an option where the holder has died.

Textual Amendments

F1S. 524(1)(b) substituted (with effect in accordance with Sch. 21 para. 14(5) of the amending Act) by Finance Act 2003 (c. 14), Sch. 21 para. 14(2)

F2S. 524(2)-(2C) substituted for s. 524(2)(3) (with effect in accordance with Sch. 21 para. 14(5) of the amending Act) by Finance Act 2003 (c. 14), Sch. 21 para. 14(3)

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