Taxes Consolidation Act 1997 Schedule 12A paragraph 24

Participant ceasing to hold office or employment

Paragraph 24 clarifies when a participant in an approved savings-related share option scheme is treated as ceasing to hold the office or employment by virtue of which that person is eligible to participate in the scheme.

• Applies solely for the purposes of paragraphs 20 and 22(1)(e) of Schedule 12A.
• A participant is not treated as ceasing employment merely on moving within the wider corporate group.
• Employment is treated as ceasing only when the participant leaves the grantor, any associated company and any company the grantor controls.
• The provision ensures that internal transfers do not prematurely trigger the scheme's leaver rules.