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Textual Amendments
F1Pt. 7 heading substituted (with effect in accordance with Sch. 22 para. 2(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 2(1)
Modifications etc. (not altering text)
C1Pt. 7: power to modify conferred (7.4.2005) by Finance Act 2005 (c. 7), s. 21(8)-(10)
Textual Amendments
F2Word in Pt. 7 Ch. 8 title omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 159, 204 (with Sch. 8 paras. 205-215)
(1)This Chapter provides—
F4(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)for exemptions from income tax in connection with share options granted under [F5CSOP schemes which are Schedule 4 CSOP] schemes, and
(c)for amounts to count as employment income in certain circumstances in connection with such options.
F6(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)The provisions of—
(a)this and the following sections of this Chapter,
(b)Schedule 4, and
(c)Part 3 of Schedule 7D to TCGA 1992 ([F7Schedule 4] CSOP schemes: amount of consideration on exercise of option),
together constitute “the CSOP code”.
(4)In the CSOP code—
F8...
“CSOP scheme” means a scheme (commonly referred to as a company share option plan) which—
is established by a company,
provides for share options to be granted to employees and directors, and
is not an SAYE option scheme (within the meaning of the SAYE code: see section 516(4));
[F9“” is to be read in accordance with paragraph 1 and Part 7 of Schedule 4;]
“
” means a right to acquire shares in a company;“
” includes stock.(5)Other expressions used in the CSOP code and contained in the index at the end of Schedule 4 have the meaning indicated by the index.
Textual Amendments
F3Word in s. 521 heading omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 160(2), 204 (with Sch. 8 paras. 205-215)
F4S. 521(1)(a) omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 160(3)(a), 204 (with Sch. 8 paras. 205-215)
F5Words in s. 521(1)(b) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 160(3)(b), 204 (with Sch. 8 paras. 205-215)
F6S. 521(2) omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 160(4), 204 (with Sch. 8 paras. 205-215)
F7Words in s. 521(3)(c) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 160(5), 204 (with Sch. 8 paras. 205-215)
F8Words in s. 521(4) omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 160(6)(a), 204 (with Sch. 8 paras. 205-215)
F9Words in s. 521(4) inserted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 160(6)(b), 204 (with Sch. 8 paras. 205-215)
(1)This Chapter applies to a share option granted to an individual—
(a)in accordance with the provisions of [F10a Schedule 4] CSOP scheme, and
(b)by reason of the individual’s office or employment as a director or employee of a company.
(2)The individual may be a director or employee of the company whose shares are the subject of the share option, or of some other company.
Textual Amendments
F10Words in s. 522(1)(a) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 161, 204 (with Sch. 8 paras. 205-215)