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Income Tax (Earnings and Pensions) Act 2003
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Income Tax (Earnings and Pensions) Act 2003, Paragraph 7 is up to date with all changes known to be in force on or before 04 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.
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7(1)The total value of shares in the relevant company in respect of which unexercised qualifying options exist must not exceed £3 million.U.K.
(2)A share option cannot be a qualifying option if the limit in sub-paragraph (1) is already exceeded at the time when it is granted.
(3)If the grant of a share option causes that limit to be exceeded, the option cannot be a qualifying option so far as it relates to the excess.
(4)If the grant of two or more options at the same time causes that limit to be exceeded, sub-paragraph (5) applies.
(5)For the purpose of determining which part of each option relates to the excess, the amount of the excess is to be divided pro rata among the options according to the value of the shares in respect of which each option was granted.
(6)Paragraph 5(6) to (8) (determination of value of shares) apply for the purposes of this paragraph as they apply for the purposes of paragraph 5.
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