Section 529 — Income Tax (Earnings and Pensions) Act 2003: Scope of tax advantages: option must be exercised by the specified anniversary

Scope of tax advantages: option must be exercised by the specified anniversary 529 1 Sections 530 to 540 apply in connection with the exercise of a qualifying option.

2 But those sections only apply in cases where the option is exercised on or before the specified anniversary of—

a the date of the grant of the option, or b if it is a replacement option, the date of the grant of the original option. 2A In this section, “ specified anniversary ” means—

a in cases where the employer company is a specified Northern Ireland company, the tenth anniversary, and b otherwise, the fifteenth anniversary.

3 In the EMI code “ the original option ” means—

a where there has been one replacement option, the option that that option replaced, or b where there have been two or more replacement options, the option that the first of them replaced.