Finance Act 2014, Paragraph 174 is up to date with all changes known to be in force on or before 01 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.
174(1)Paragraph 22 (requirements as to price for acquisition of shares etc) is amended as follows.U.K.
(2)In sub-paragraph (1)—
(a)omit paragraph (a) and the “and” after it, and
(b)in paragraph (b) for “that time” substitute “ the time when the option is granted ”.
(3)After sub-paragraph (3) insert—
“(3A)If the scheme makes provision under sub-paragraph (3), the variation or variations made under that provision to take account of a variation in any share capital must (in particular) secure—
(a)that the total market value of the shares which may be acquired by the exercise of the share option is immediately after the variation or variations substantially the same as what it was immediately before the variation or variations, and
(b)that the total price at which those shares may be acquired is immediately after the variation or variations substantially the same as what it was immediately before the variation or variations.
(3B)Sub-paragraph (3) does not authorise any variation which would result in the requirements of the other paragraphs of this Schedule not being met in relation to the share option.”
(4)Omit sub-paragraph (4).
(5)Omit sub-paragraph (5).
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