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What is the stamp duty and SDRT treatment of the grant and exercise of an option to acquire shares in a UK company?

I have a query in relation to the grant of an option over shares (in this case by an ex-employee to an EBT). He is proposing to grant an option for a large sum. However the option price will be very low.
What is the stamp duty consequence of such a transaction? My understanding is that an option can be liable to SD if it is itself a marketable security. I don't think this is the case here? (As options over shares in private companies aren't traded on the stock exchange?) Secondly, I don't believe there are any SD provisions which would aggregate the large amount paid for the option with the small amount paid for the shares and seek to treat all of that as consideration for the sale of the shares. Would you agree?

Anonymous (Private practice)

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