Finance Act 2003

41 (1) In section 541 (enterprise management incentives: effect on other income tax charges), for subsections (1) and (2) substitute— U.K.

“(1) Nothing in the EMI code affects—

(a) the operation of Chapters 2 to 4 of this Part in relation to shares acquired under a qualifying option, or

(b) the operation of Chapter 5 of this Part otherwise than in relation to the acquisition of shares under a qualifying option.

(2) But in calculating the taxable amount for the purposes of section 426 (post-acquisition charge on restricted securities) in respect of shares acquired under a qualifying option, the amount of relief on the exercise of the option is to be regarded as a deductible amount for the purposes of section 428 (amount of charge).”.

(2) So far as relating to—

(a) Chapter 9 of Part 3 (which is repealed and replaced by provisions inserted in Part 7),

(b) any of the new Chapters substituted or inserted in Part 7 by this Schedule, and

(c) each of the Chapters of that Part as originally enacted for which new Chapters are substituted by this Schedule,

sub-paragraph (1) has effect in accordance with the provision made for the taking effect of the repeal, substitution or insertion.