Point in time view as at 22/07/2020.
Income Tax (Earnings and Pensions) Act 2003, Paragraph 42 is up to date with all changes known to be in force on or before 06 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.
42(1)To qualify as a replacement option the new option must be granted within the required period (see sub-paragraphs (2) to (4)).U.K.
(2)If the company reorganisation falls within paragraph 39(2)(a), the required period is the period of 6 months after the date on which—
(a)the person making the offer has obtained control of the company, and
(b)any condition subject to which the offer is made is met.
(3)If the company reorganisation falls within paragraph 39(2)(b) or (d), the required period is the period of 6 months after the date on which the acquiring company obtains control of the company whose shares are subject to the old option.
(4)If the company reorganisation falls within paragraph 39(2)(c), the required period is the period during which the acquiring company remains bound or entitled as mentioned in that provision.
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