Part 6 Requirements etc Relating to Share Options
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

Part 6 Requirements etc Relating to Share Options

Requirements etc relating to share options: introduction

27

(1)     An SAYE option scheme must meet the requirements of—

paragraph 28 (requirements as to price for acquisition of shares),

paragraph 29 (share options must not be transferable),

paragraph 30 (time for exercising options: general),

.Ìý.Ìý.

paragraph 32 (exercise of options: death), [and]

.Ìý.Ìý.

paragraph 34 (exercise of options: scheme-related employment ends).

(2)     An SAYE option scheme may make any provision authorised by—

paragraph 36 (exercise of options: employment in associated company at bonus date), and

paragraph 37 (exercise of options: company events).

Requirements as to price for acquisition of shares

28

(1)     The price at which shares may be acquired by the exercise of a share option granted under the scheme—

(a)     must be stated at the time when the option is granted, and

(b)     must not be manifestly less than 80% of the market value of shares of the same class[—

(i)     at that time, or

(ii)     at such earlier time as may be determined in accordance with guidance issued by the Commissioners for Her Majesty's Revenue and Customs].

This is subject to [sub-paragraph (3)].

(2)

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