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Income Tax (Earnings and Pensions) Act 2003
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Income Tax (Earnings and Pensions) Act 2003, Paragraph 35 is up to date with all changes known to be in force on or before 26 February 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.
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35(1)The option must confer a right to acquire shares that—U.K.
(a)form part of the ordinary share capital of the relevant company,
(b)are fully paid up, and
(c)are not redeemable.
(2)Shares are not fully paid up for the purposes of sub-paragraph (1)(b) if there is any undertaking to pay cash to the relevant company at a future date.
(3)For the purposes of sub-paragraph (1)(c) “redeemable” shares include shares that may become redeemable at a future date.
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