[554L Exclusions: earmarking for employee share schemes (3)]
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

[554L  Exclusions: earmarking for employee share schemes (3)]

[(1)     This section applies if—

(a)     there is an arrangement (“B's employee share scheme”) under which, in respect of A's employment with B, a right (“a relevant share option”) may be granted to A—

(i)     to acquire relevant shares, or

(ii)     to receive a sum of money the amount of which is to be determined by reference to the market value of any relevant shares at the time the sum is to be paid,

(b)     the main purpose of the grant of the relevant share option would not be the provision of relevant benefits,

(c)     the grant would be made on terms (“the deferred grant terms”) the main purpose of which is to ensure that the relevant share option is not exercisable by A before a specified date (“the vesting date”) which is after the date (“the grant date”) on which the grant is made, while providing that the relevant share option is not to be exercisable at all by A if specified conditions are not met on or before the vesting date,

(d)     the vesting date would not be more than ten years after the grant date, and

(e)     as

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