there is a takeover of a company whose shares are the subject of a qualifying option,

the holder of the option, by agreement with the acquiring company, releases his rights under that option (“the old option”) in consideration of the grant to him of another option (“the new option”), and

the new option relates to shares in a qualifying company.

the company whose shares are the subject of the new option is a qualifying successor company for the purposes of paragraph 12 (requirement as to company whose shares are acquired),

shares acquired in exercise of the new option are treated for the purposes of this Schedule as if they had been acquired in exercise of the old option, and

in determining the amount of relief any consideration given in respect of the grant or exercise of the new option is treated as if it had been given in respect of the grant or exercise of the old option.

there is a takeover of a company where another company (“the acquiring company”) acquires control of it; and

an option is a “qualifying option” if the requirements of paragraph 12 would be met in relation to its exercise.

the acquiring company;

a company that, at the time of the takeover, is a parent company in relation to the acquiring company;

a company that, at that time, is a member of a consortium that owns the acquiring company or a company within paragraph (b);