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Finance Act 2000
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Maximum value of options in respect of relevant company’s sharesU.K.
[F111(1)The total value of shares in the relevant company in respect of which unexercised qualifying options exist must not exceed £3 million.
(2)An option is not a qualifying option if the limit in sub-paragraph (1) is already exceeded at the time it is granted.
(3)If the grant of an option causes that limit to be exceeded the option is not a qualifying option so far as it relates to the excess.
(4)Where the grant of two or more options at the same time causes that limit to be exceeded, then, for the purpose of determining which part of each option relates to that excess, the amount of the excess shall be divided pro rata among the options according to the value of the shares in respect of which each option was granted.
(5)Sub-paragraphs (7) and (8) of paragraph 10 (determination of value of shares) apply for the purposes of this paragraph as they apply for the purposes of that paragraph.]
Textual Amendments
F1Sch. 14 para. 11 substituted (11.5.2001 with effect as mentioned in Sch. 14 para. 13(1) of the amending Act) by 2001 c. 9, s. 62, Sch. 14 paras. 6, 13(1)
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