Commentary on Sections Overview Overview Section 1030: Application of Chapter
2676.This section gives the conditions for the Chapter to apply. It is based on paragraphs 22B and 22C of Schedule 23 to FA 2003.
2677.As with relief under Chapter 4 the continuity of law provisions will apply if the shares or securities were acquired when Schedule 23 to FA 2003 was still in force. See the commentary on section 1025.
2678.Subsection (5) applies if the original recipient of an option dies and as a result the shares or securities are acquired by a different person. Relief under Chapter 3 on the acquisition of the shares is given by section 1015(3) which treats the shares as acquired by the original recipient of the option. Subsection (5) does the same for relief under this Chapter.
2679.Subsection (6) applies if there has been a takeover of the company whose shares were to be acquired and the options have been exchanged for options in a new company. Section 1022 gives relief under Chapter 3. Subsection (6) does the same for relief under this Chapter.