SCHEDULES

SCHEDULE 3Employee share schemes: minor amendments

Price for acquisition of shares under share option

6

1

In Schedule 3 to ITEPA 2003 (SAYE option schemes), paragraph 28 (requirements as to price for acquisition of shares) is amended as follows.

2

In sub-paragraph (1)—

a

in paragraph (b), for “at that time” substitute

—

i

at that time, or

ii

at such earlier time as may be determined in accordance with guidance issued by the Commissioners for Her Majesty's Revenue and Customs.

b

for “sub-paragraphs (2) and (3)” substitute “ sub-paragraph (3) ”.

3

Omit sub-paragraph (2).

7

1

In Schedule 4 to ITEPA 2003 (CSOP schemes), paragraph 22 (requirements as to price for acquisition of shares) is amended as follows.

2

In sub-paragraph (1)—

a

in paragraph (b), for “at the time when the option is granted” substitute

—

i

at the time when the option is granted, or

ii

at such earlier time as may be determined in accordance with guidance issued by the Commissioners for Her Majesty's Revenue and Customs.

b

for “sub-paragraphs (2) and (3)” substitute “ sub-paragraph (3) ”.

3

Omit sub-paragraph (2).