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Changes over time for:
Part 2


Llinell Amser Newidiadau
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 17/07/2013
Status:
Point in time view as at 13/06/2003.
Changes to legislation:
Income Tax (Earnings and Pensions) Act 2003,
Part 2
is up to date with all changes known to be in force on or before 09 March 2025. 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.

Changes to Legislation
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
Part 2 U.K.General requirements for approval
General requirements for approval: introductionU.K.
4U.K.A CSOP scheme must meet the requirements of—
paragraph 5 (general restriction on contents of scheme), and
paragraph 6 (limit on value of shares subject to options).
General restriction on contents of schemeU.K.
5U.K.The scheme must not contain features which are neither essential nor reasonably incidental to the purpose of providing benefits for employees and directors in the nature of share options.
Limit on value of shares subject to optionsU.K.
6(1)The scheme must provide that an individual may not be granted share options under it which would at the time when they are granted cause the aggregate market value of the shares which the individual may acquire by exercising share options granted under—U.K.
(a)the scheme, or
(b)any other approved CSOP scheme established by the scheme organiser or an associated company of the scheme organiser,
to exceed or further exceed £30,000.
(2)For the purposes of sub-paragraph (1) share options that have already been exercised are to be left out of account.
(3)For the purposes of sub-paragraph (1) the market value of shares is to be calculated as at—
(a)the time when the options relating to them were granted, or
(b)if an agreement relating to them has been made under paragraph 22 (requirements as to price for acquisition of shares) the earlier time or times stated in the agreement.
Yn ôl i’r brig