Taxes Consolidation Act, 1997 (Number 39 of 1997)
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Chapter 3
Approved savings-related share option schemes
519A Approved savings-related share option schemes.
(1) (a) The provisions of this section shall apply where an individual obtains a right to acquire shares in a body corporate—
(i) by reason of the individual’s office or employment as a director or employee of that or any other body corporate, and
(ii) that individual obtains that right in accordance with the provisions of a savings-related share option scheme approved under Schedule 12A on or after the 6th day of April, 1999, and in respect of which approval has not been withdrawn.
(b) This section shall be construed together with Schedule 12A.
(2) Tax shall not be chargeable under any provision of the Tax Acts in respect of the receipt of the right referred to in subsection (1).
(3) Subject to subsection (4) if the individual exercises the right in accordance with the provisions of the scheme at a time when it is approved tax shall not be chargeable under any provision of the Tax Acts in respect of any gain realised by the exercise of the right.
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(3A) (a) Where, in exercising a right in accordance with the provisions of the scheme at a time when it is approved, the individual acquires scheme shares from a relevant body, neither a chargeable gain nor an allowable loss shall accrue to the relevant body on the disposal of the scheme shares, and the individual shall, notwithstanding section 547(1)(a), be deemed for the purposes of the Capital Gains Tax Acts to have acquired the scheme shares for a consideration equal to the amount paid for their acquisition.
(b) In this subsection and in section 519B—
“relevant body” means a trust or a company which exists for the purpose of acquiring and holding scheme shares;
“schemes shares” has the meaning assigned to it by paragraph 10 of Schedule 12A.
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(4) Subsection (3) shall not apply in respect of a right obtained by a person under a scheme which is exercised within 3 years of its being obtained by virtue of a provision included in a scheme pursuant to paragraph 22 of Schedule 12A.
(5) In this section “savings-related share option scheme” has the meaning assigned to it by Schedule 12A.
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