Income Tax (Earnings and Pensions) Act 2003

This section has no associated Explanatory Notes

15(1)A CSOP scheme must meet the requirements of—U.K.

  • paragraph 16 (shares must be ordinary shares of certain companies),

  • paragraph 17 (requirements as to listing) [F1, and]

  • paragraph 18 (shares must be fully paid up and not redeemable) F2...

  • F3...

  • F2...

[F4(1A)Sub-paragraph (1) and the other paragraphs of this Part are subject to paragraph 25A(7B).]

(2)In this Part “eligible shares” means shares which may be acquired by the exercise of share options under the scheme.

Textual Amendments

F1Word in Sch. 4 para. 15(1) inserted (with effect in accordance with s. 16(7) of the amending Act) by Finance (No. 2) Act 2023 (c. 30), s. 16(3)(a) (with s. 16(9)(10))

F2Words in Sch. 4 para. 15(1) omitted (with effect in accordance with s. 16(7) of the amending Act) by virtue of Finance (No. 2) Act 2023 (c. 30), s. 16(3)(b) (with s. 16(9)(10))

F3Words in Sch. 4 para. 15 omitted (with effect in accordance with Sch. 2 para. 77 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 2 para. 70(b)