Related Commentary  Related HMRC Manuals

1016(1)  Each of the following conditions must be met in relation to the shares acquired.

Condition 1

The shares are ordinary shares that are fully paid-up and not redeemable.

Condition 2

The shares are–

(a)shares of a class listed on a recognised stock exchange,

(b)shares in a company that is not under the control of another company,

(c)shares in a company that is under the control of a listed company, or

(d)shares within subsection (1A).

Condition 3

The shares are shares in–

(a)the employing company,

(b)a company that, when the option is obtained, is a parent company of the employing company,

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