- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/02/2011)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 06/04/2014
Point in time view as at 01/02/2011.
Taxation of Chargeable Gains Act 1992, Part 3 is up to date with all changes known to be in force on or before 05 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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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)
11(1)This Part of this Schedule forms part of the CSOP code (see section 521 of ITEPA 2003 (approved CSOP schemes)).U.K.
(2)Accordingly, expressions used in this Part of this Schedule and contained in the index at the end of Schedule 4 to that Act (approved CSOP schemes) have the meaning indicated by the index.
(3)This Part of this Schedule applies where—
(a)a share option (“the option”) has been granted to an individual—
(i)in accordance with the provisions of an approved CSOP scheme, and
(ii)by reason of the individual’s office or employment as a director or employee of a company, and
(b)shares (“the relevant shares”) are acquired by the exercise of the option.
(4)The company mentioned in sub-paragraph (3)(a)(ii) may be—
(a)the company whose shares are the subject of the option, or
(b)some other company.
12(1)This paragraph applies where an amount (the “employment income amount”) counted as employment income of the individual under section 526 of ITEPA 2003 (charge where option granted at a discount) in respect of the option.U.K.
(2)For the purposes of section 38(1)(a) (acquisition and disposal costs etc.), that part of the employment income amount which is attributable to the relevant shares shall be treated as consideration given for the acquisition of the relevant shares.
(3)This paragraph also applies where the individual was chargeable to income tax on an amount in respect of the option under—
(a)subsection (6) of section 185 of ICTA (as it had effect before 1st January 1992),
(b)subsection (6A) of that section (as it had effect in relation to options obtained on or after 1st January 1992 but before 29th April 1996), or
(c)subsection (6) of that section (as it had effect in relation to options obtained on or after 29th April 1996);
and in such a case the “employment income amount” means the amount on which the individual was so chargeable.
(4)This paragraph applies whether or not—
(a)the exercise of the option is in accordance with the provisions of the CSOP scheme, or
(b)the CSOP scheme is approved at the time of the exercise.
13(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.]
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