- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (29/11/2017)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 29/11/2017.
Income Tax (Earnings and Pensions) Act 2003, Section 527 is up to date with all changes known to be in force on or before 25 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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(1)This Chapter provides—
(a)for share options notified to [F1an officer of Revenue and Customs] to be qualifying options for the purposes of the EMI code, and
(b)for exemptions and reliefs from income tax in connection with qualifying options.
(2)Schedule 5 contains the requirements that have to be met for a share option to be a qualifying option, together with the notification procedure.
(3)The provisions of—
(a)this and the following sections of this Chapter, [F2and]
(b)Schedule 5, F3...
F3(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
together constitute “the EMI code”.
(4)In the EMI code—
“qualifying option” means a share option—
in relation to which the requirements of Schedule 5 are met at the time when the option is granted, and
which is notified to [F1an officer of Revenue and Customs] in accordance with Part 7 of that Schedule;
“replacement option” means an option within paragraph 41(4) of that Schedule (grant of replacement option in connection with company reorganisations);
“
” means a right to acquire shares in a company;and any reference to the requirements of Schedule 5 is to the requirements set out in paragraph 1(3) of that Schedule.
(5)Other expressions used in the EMI code and contained in the index at the end of Schedule 5 have the meaning indicated by the index.
Textual Amendments
F1Words in Act substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 102(1); S.I. 2005/1126, art. 2(2)(h)
F2Word in s. 527(3) inserted (with effect in accordance with Sch. 3 para. 9(4) of the amending Act) by Finance Act 2016 (c. 24), Sch. 3 para. 9(3)(a)
F3S. 527(3)(c) and word omitted (with effect in accordance with Sch. 3 para. 9(4) of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 3 para. 9(3)(b)
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