Textual Amendments
F1Word in Sch. 3 title omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 103, 146 (with Sch. 8 paras. 147-157)
35(1)This paragraph applies for the purposes of paragraph 34 (exercise of options: scheme-related employment ends).U.K.
(2)Unless sub-paragraph (3) applies, a participant (“P”) is to be regarded as ceasing to hold scheme-related employment on the date when the office or employment in question terminates.
(3)If—
(a)P’s scheme-related employment terminates, but
(b)P continues to hold an office or employment in the scheme organiser or any associated company,
P is to be regarded as ceasing to hold the scheme-related employment on the date when P no longer holds any office or employment within paragraph (b), and not at any earlier time.
(4)For the purposes of sub-paragraph (3) one company is an “associated company” of another company if—
(a)one has control of the other, or
(b)both are under the control of the same person or persons;
and for this purpose the question of whether a person controls a company is to be determined in accordance with [F2sections 450 and 451 of CTA 2010] (“control” in the context of close companies).
(5)Nothing in paragraph 34 or this paragraph applies where a person’s scheme-related employment terminates on that person’s death (see instead paragraph 32).
(6)In this paragraph “” has the same meaning as in paragraph 34.
Textual Amendments
F2Words in Sch. 3 para. 35(4) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 397(4) (with Sch. 2)