This section applies where—
an option is granted on or after 16th March 1993,
the option is a securities option within the meaning of Chapter 5 of Part 7 of ITEPA 2003 (see section 420(8) of that Act) to which that Chapter applies ... (see section 471 of that Act), and
section 17(1) of this Act would (apart from this section) apply for the purposes of calculating the consideration for the grant of the option.
Both the grantor of the option and the person to whom the option is granted shall be treated for the purposes of this Act as if section 17(1) did not apply for the purposes of calculating the consideration and, accordingly, as if the amount or value of the consideration was its actual amount or value.
Where the option is granted wholly or partly in recognition of services or past services in any office or employment, the value of those services shall not be taken into account in calculating the actual amount or value of the consideration.
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