Related Commentary  Related HMRC Manuals

1022(1)  This section applies if–

(a)a person (“P”) obtains a qualifying option to acquire shares in a company,

(b)subsequently there is a takeover of that company,

(c)P, by agreement with the acquiring company, releases P's rights under the qualifying option in consideration of P's obtaining another option (“the new option”), and

(d)the new option is an option to acquire shares in a qualifying company.

Section 1023 explains what is meant by “qualifying option”, “takeover”, “the acquiring company” and “qualifying company”.

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