Taxes Consolidation Act 1997 Schedule 12A paragraph 21

Participant working beyond the specified age

Paragraph 21 requires an approved share option scheme to allow a participant who continues working beyond the specified age to exercise their options within six months of reaching that age.

• The scheme must include a provision dealing with participants who remain in employment after reaching the specified age (60 years of age).
• A participant who has obtained rights under the scheme and continues to hold the relevant office or employment past the specified age retains those rights.
• The participant must be permitted to exercise their options within six months of the date on which they reach the specified age.
• This provision was introduced by the Finance Act 1999 and amended by the Finance Act 2000.