Point in time view as at 06/04/2006.
Finance Act 2003, Cross Heading: Exercise of options: scheme-related employment ends because of change of control or transfer is up to date with all changes known to be in force on or before 07 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.
11(1)Paragraph 34 (exercise of options: scheme-related employment ends) is amended as follows.U.K.
(2)In sub-paragraph (2)(a), after “1996” insert “ or ER(NI)O 1996 ”.
(3)In sub-paragraph (5)—
(a)for “provide that,” substitute “ make provision about the time when the options may be exercised ”, and
(b)omit the words following paragraph (b).
(4)After that sub-paragraph insert—
“(5A)If the scheme makes provision by virtue of sub-paragraph (5), the provision must be either—
(a)that the options may be exercised within 6 months after the termination date, or
(b)that the options may be exercised within 6 months after the date (if any) when P ceases to hold the employment which (before the termination date) was the scheme-related employment for a reason within sub-paragraph (2)(a) or (b).”.
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