[F113(1)This paragraph applies where—U.K.
(a)the individual exercises the option in accordance with the provisions of the CSOP scheme at a time when the scheme is approved, and
(b)the condition in section 524(2) of ITEPA 2003 (no charge in respect of exercise of option) is met.
(2)Section 17(1) (disposals and acquisitions treated as made at market value) shall not apply in calculating the consideration for—
(a)the individual’s acquisition of the relevant shares by the exercise of the option, or
(b)any corresponding disposal of the relevant shares to the individual.
(3)Sub-paragraph (2) also applies where the option is exercised at a time when the scheme is approved in accordance with provision included in the scheme by virtue of paragraph 25 of Schedule 4 to ITEPA 2003 (exercise of options: death); and references in that sub-paragraph to the individual are to be read accordingly.]
Textual Amendments
F1Sch. 7D inserted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 221 (with Sch. 7)