527Enterprise management incentives: qualifying optionsU.K.
(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—
(a)in relation to which the requirements of Schedule 5 are met at the time when the option is granted, and
(b)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)