Section 1015 — Corporation Tax Act 2009: Basic requirements for relief under Chapter 3

Basic requirements for relief under Chapter 3 1015 1 Relief under this Chapter is available to a company (“the employing company”) if—

a a person (“ the employee ”) has employment with the employing company, b that employment (“ the relevant employment ”) is in relation to a business within subsection (2) (“the qualifying business”),

c the employee or another person obtains an option to acquire shares because of the relevant employment, d the person who obtains the option acquires shares pursuant to the option, and e the conditions set out in sections 1016 and 1017 are met as mentioned in those sections. The person who obtains the option is, in that capacity, called “the recipient”.

2 A business is within this subsection so far as—

a the business is carried on by the employing company, and b the employing company is within the charge to corporation tax in relation to the profits of the business “ or would be but for section 18A .

3 If—

a the recipient dies, and b subsequently another person acquires shares pursuant to the option, this Chapter applies as if the recipient were alive and the shares were acquired by the recipient.