519A Approved savings-related share option schemes.
(1) (a) The provisions of this section shall apply where an individual obtains a right to acquire shares in a body corporate—
(i) by reason of the individual’s office or employment as a director or employee of that or any other body corporate, and
(ii) that individual obtains that right in accordance with the provisions of a savings-related share option scheme approved under Schedule 12A on or after the 6th day of April, 1999, and in respect of which approval has not been withdrawn.
(b) This section shall be construed together with Schedule 12A.
(2) Tax shall not be chargeable under any provision of the Tax Acts in respect of the receipt of the right referred to in subsection (1).
(3) Subject to subsection (4) if the individual exercises the right in accordance with the provisions of the scheme at a time when it is approved tax shall not be chargeable under any provision of the Tax Acts in respect of any gain realised by the exercise of the right.
(4) Subsection (3) shall not apply in respect of a right obtained by a person under a scheme which is exercised within 3 years of its being obtained by virtue of a provision included in a scheme pursuant to paragraph 22 of Schedule 12A.
(5) In this section “savings-related share option scheme” has the meaning assigned to it by Schedule 12A.