Taxes Consolidation Act 1997 Schedule 12A paragraph 23

Non-transferability of rights

Paragraph 23 restricts the transferability of rights obtained under an approved savings-related share option scheme and sets a time limit on when those rights can be exercised.

• Rights obtained under the scheme cannot be transferred by the participant.
• Rights must be exercised no later than six months after the bonus date.
• An exception applies under paragraph 19 where the participant dies.
• On death, rights pass to the participant's estate and can be exercised within set time limits depending on when death occurs.