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

SCHEDULES

SCHEDULE 7 U.K. Transitionals and savings

Part 7 U.K. Employment income: [F1 income related to securities]

Textual Amendments

F1 Words in Sch. 7 Pt. 7 heading substituted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(4)

Enterprise management incentives U.K.

77 (1) This paragraph applies where, immediately before 6th April 2003, a share option was a qualifying option for the purposes of Schedule 14 to FA 2000 (enterprise management incentives). U.K.

(2) On and after that date the share option is to be treated as a qualifying option for the purposes of the EMI code.

(3) Sub-paragraph (2) has effect even if the requirements that had to be met in order for the share option, or any share option replaced by it, to be a qualifying option for the purposes of Schedule 14 to FA 2000 differed to any extent from those set out in Schedule 5.

(4) In this paragraph “share option” means a right to acquire shares.