Part 7Employment income: income and exemptions relating to securities
Chapter 9Enterprise management incentives
Tax advantages: exercise of option
529Scope of tax advantages: option must be exercised within 10 years
(1)
Sections 530 to 540 apply in connection with the exercise of a qualifying option.
(2)
But those sections only apply in cases where the option is exercised on or before the tenth anniversary of—
(a)
the date of the grant of the option, or
(b)
if it is a replacement option, the date of the grant of the original option.
(3)
In the EMI code “the original option” means—
(a)
where there has been one replacement option, the option that that option replaced, or
(b)
where there have been two or more replacement options, the option that the first of them replaced.