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Income Tax (Earnings and Pensions) Act 2003

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Changes over time for: Cross Heading: Enterprise management incentives: qualifying options

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Income Tax (Earnings and Pensions) Act 2003, Cross Heading: Enterprise management incentives: qualifying options is up to date with all changes known to be in force on or before 27 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. Help about Changes to Legislation

Enterprise management incentives: qualifying optionsU.K.

1(1)This Schedule makes provision for establishing what is a qualifying option for the purposes of the EMI code.U.K.

(2)In the EMI code a “qualifying option” means (in accordance with section 527(4)) a share option—

(a)in relation to which the requirements of this Schedule are met at the time when the option is granted, and

(b)which is notified to [F1an officer of Revenue and Customs] in accordance with Part 7.

(3)The requirements of this Schedule are—

(a)the general requirements in Part 2,

(b)that the company whose shares are the subject of the option (“the relevant company”) is a qualifying company (see Part 3),

(c)that the individual to whom it is granted is an eligible employee in relation to that company (see Part 4),

(d)that the option is granted to the employee by reason of the employee’s employment—

(i)with that company, or

(ii)if that company is a parent company, with that company or another member of the group, and

(e)the requirements of Part 5 as to the terms of the option, the types of shares that may be subject to it, and other matters.

(4)In the EMI code, as it applies to a share option, “the appropriate time” means the time when the option is granted.

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