519 No charge in respect of exercise of option
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

519  No charge in respect of exercise of option

(1)     No liability to income tax arises in respect of the exercise of the share option if—

(a)     the individual exercises it in accordance with the provisions of the SAYE option scheme at a time when the scheme is [a Schedule 3 SAYE option scheme], . . .

(b)     condition A or B is met [and

(c)     the avoidance of tax or national insurance contributions is not the main purpose (or one of the main purposes) of any arrangements under which the option was granted or is exercised].

(2)     Condition A is that the option is exercised on or after the third anniversary of the date on which it was granted.

(3)     Condition B is that the option—

(a)     is exercised before the third anniversary of the date on which it was granted, and

(b)     is so exercised otherwise than by virtue of a provision included in the scheme under—

paragraph 34(5) of Schedule 3 (exercise of option where scheme-related employment ends), or

paragraph 37 of that Schedule (exercise of option where certain company events occur).

[(3A)     In relation to any shares acquired by the exercise of the share option,

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