Employee Tax Advantaged Share Scheme User Manual

ETASSUM51080 - Enterprise Management Incentives (EMI): General requirements: 바카라 사이트淐ashless exercise바카라 사이트�

Part 2 of Schedule 5 of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA)

Cashless exercise

A 바카라 사이트渃ashless exercise바카라 사이트� procedure where shares are sold immediately after exercise is not a cash alternative and is therefore normally acceptable provided the scheme rules allow for this. The important point to note here is that the participant must acquire the shares subject to the option upon exercise of that option. It is NOT acceptable if shares are sold prior to exercise (or options given up) as the participant would in effect be receiving cash for giving up all or part of his option.

There is further guidance on 바카라 사이트渃ashless exercise바카라 사이트� in the Employment Related Securities Manual at & .