No versions valid at: 10/04/2003
Point in time view as at 10/04/2003. This version of this cross heading contains provisions that are not valid for this point in time.
Finance Act 2003, Cross Heading: Takeover of company whose shares are subject of option 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.
Yn ddilys o 10/07/2003
13(1)This paragraph applies where—U.K.
(a)there is a takeover of a company whose shares are the subject of a qualifying option,
(b)the holder of the option, by agreement with the acquiring company, releases his rights under that option (“the old option”) in consideration of the grant to him of another option (“the new option”), and
(c)the new option relates to shares in a qualifying company.
(2)Where those conditions are met—
(a)the company whose shares are the subject of the new option is a qualifying successor company for the purposes of paragraph 12 (requirement as to company whose shares are acquired),
(b)shares acquired in exercise of the new option are treated for the purposes of this Schedule as if they had been acquired in exercise of the old option, and
(c)in determining the amount of relief any consideration given in respect of the grant or exercise of the new option is treated as if it had been given in respect of the grant or exercise of the old option.
(3)For the purposes of this paragraph—
(a)there is a takeover of a company where another company (“the acquiring company”) acquires control of it; and
(b)an option is a “qualifying option” if the requirements of paragraph 12 would be met in relation to its exercise.
(4)The following are qualifying companies for the purposes of this paragraph—
(a)the acquiring company;
(b)a company that, at the time of the takeover, is a parent company in relation to the acquiring company;
(c)a company that, at that time, is a member of a consortium that owns the acquiring company or a company within paragraph (b);
(d)where, at that time, the acquiring company or a company within paragraph (b) is a member of a consortium that owns another company (C), a company that, at that time—
(i)is a member of the consortium or a parent company in relation to a member of the consortium, and
(ii)is also a member of the same commercial association of companies as C.
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