Part 7Employment income: share-related income and exemptions
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.