Income Tax (Earnings and Pensions) Act 2003 (c. 1)

SCHEDULES

SCHEDULE 5 U.K. Enterprise management incentives

Part 5 U.K. Requirements relating to options

Requirements relating to options: introduction U.K.

34 U.K. A share option is not a qualifying option unless the requirements of this Part of this Schedule as to the following are met at the appropriate time—

• the type of shares that may be acquired (see paragraph 35),

• when the option is capable of being exercised (see paragraph 36),

• the terms being agreed in writing (see paragraph 37), and

• the non-assignability of rights (see paragraph 38).