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Finance Act 2003

Changes over time for: Cross Heading: Amount of relief

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Version Superseded: 01/04/2009

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Point in time view as at 07/12/2007.

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Amount of reliefU.K.

15(1)The amount of the relief is equal to the difference between—U.K.

(a)the market value of the shares at the time [F1they are acquired pursuant to the option], and

(b)the total amount or value of any consideration given, by the recipient or another, in respect of the grant [F2of the option or the acquisition of the shares pursuant to] the option.

(2)The consideration mentioned in sub-paragraph (1)(b) does not include—

(a)the performance of any duties of, or in connection with, the employee’s employment with the employing company, or

(b)any amount paid or payable by the employee in pursuance of—

(i)an agreement within paragraph 3A(2) of Schedule 1 to the Contributions and Benefits Act (agreement for recovery from earner of secondary Class 1 contributions in respect of share option gain), or

(ii)an election under paragraph 3B of that Schedule (election transferring to earner liability for secondary Class 1 contributions in respect of share option gain).

(3)A just and reasonable apportionment shall be made for the purposes of this paragraph of any consideration given partly in respect of the grant [F3of the option or the acquisition of the shares pursuant to] the option and partly in respect of other matters.

(4)If the option was granted partly for the purposes of a business meeting the requirements of paragraph 3 (business must be within the charge to corporation tax) and partly for the purposes of a business in relation to which those requirements are not met, the amount of the relief shall be reduced to such extent as is just and reasonable.

Textual Amendments

F1Words in Sch. 23 para. 15(1) substituted (1.9.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 66(2)(a)(4); S.I. 2003/1997, art. 2

F2Words in Sch. 23 para. 15(1) substituted (1.9.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 66(2)(b)(4); S.I. 2003/1997, art. 2

F3Words in Sch. 23 para. 15(3) substituted (1.9.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 66(3)(4); S.I. 2003/1997, art. 2

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