1023Supplementary provision for purposes of section 1022U.K.
(1)This section applies for the purposes of section 1022.
(2)An option is a qualifying option if condition 3 in section 1016 would be met in relation to shares acquired pursuant to the option.
(3)There is a takeover of a company when another company (“the acquiring company”) acquires control of it.
(4)The following companies are qualifying companies—
(a)the acquiring company,
(b)a company that, when the takeover occurs, is a parent company of the acquiring company,
(c)a company that, when the takeover occurs, is a member of a consortium that owns the acquiring company,
(d)a company that, when the takeover occurs, is a member of a consortium that owns a parent company of the acquiring company, and
(e)a company within subsection (5).
(5)A company (“company A”) is within this subsection if when the takeover occurs—
(a)the acquiring company or a parent company of the acquiring company is a member of a consortium that owns another company (“company B”), and
(b)company A is—
(i)a member of that consortium or a parent company of a member of that consortium, and
(ii)a member of the same commercial association of companies as company B.