[F1149A[F2Share option schemes.]U.K.
(1)This section applies where—
(a)an option is granted on or after 16th March 1993,
(b)the option consists of a right to acquire shares in a body corporate and is obtained [F3by an individual by reason of his office or employment as a director or employee of that or any other body corporate], and
(c)section 17(1) would (apart from this section) apply for the purposes of calculating the consideration for the grant of the option.
(2)[F4Both the grantor of the option and the person to whom the option is granted] shall be treated for the purposes of this Act as if section 17(1) did not apply for the purposes of calculating the consideration and, accordingly, as if the amount or value of the consideration was its actual amount or value.
(3)Where the option is granted wholly or partly in recognition of services or past services in any office or employment, the value of those services shall not be taken into account in calculating the actual amount or value of the consideration.
F5(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F1S. 149A inserted (27.7.1993) by 1993 c. 34, s.104
F2S. 149A heading substituted (with effect in accordance with s. 111(6) of the amending Act) by Finance Act 1996 (c. 8), s. 111(5)
F3Words in s. 149A(1)(b) substituted (with effect in accordance with s. 111(6) of the amending Act) by Finance Act 1996 (c. 8), s. 111(2)
F4Words in s. 149A(2) substituted (with effect in accordance with s. 111(6) of the amending Act) by Finance Act 1996 (c. 8), s. 111(3)
F5S. 149A(4) repealed (with effect in accordance with s. 111(6) of the amending Act) by Finance Act 1996 (c. 8), s. 111(4), Sch. 41 Pt. V(5)