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Finance Act 2003

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Changes over time for: Paragraph 1

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Version Superseded: 01/09/2003

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Status:

Point in time view as at 10/07/2003.

Changes to legislation:

Finance Act 2003, Paragraph 1 is up to date with all changes known to be in force on or before 25 February 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

1(1)This Schedule provides for corporation tax relief for a company where a person—U.K.

(a)acquires shares by reason of his, or another person's, employment with that company (an “award of shares”: see Part 2 of this Schedule), or

(b)obtains by reason of his, or another person's, employment with that company an option to acquire shares and acquires shares in exercise of that option (the “grant of an option”: see Part 3 of this Schedule).

(2)Part 4 of this Schedule makes further provision for cases where the shares acquired are subject to forfeiture.

(3)In this Schedule—

  • the employing company” means the company mentioned in sub-paragraph (1);

  • the recipient” means the person acquiring the shares or obtaining the option; and

  • the employee” means the person by reason of whose employment the shares are acquired or the option is granted.

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