Version Superseded: 21/07/2008
Point in time view as at 01/09/2003. This version of this provision has been superseded.
Income Tax (Earnings and Pensions) Act 2003, Section 540 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.
(1)In its application in relation to a UK resident employee, [F1Chapter 3C of this Part] (taxable benefits: notional loans in respect of acquisitions of shares) does not apply in relation to the acquisition of shares by the exercise of a qualifying option.
(2)An employee is a “UK resident employee” if—
(a)at the time when the option is granted, or
(b)at the time when it is exercised,
the earnings from the employment are (or would be if there were any) general earnings to which section 15 or 21 applies (earnings for year when employee resident and ordinarily resident in the United Kingdom).
Textual Amendments
F1Words in s. 540(1) substituted (with effect in accordance with Sch. 22 para. 40(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 40(1)
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