Income Tax (Earnings and Pensions) Act 2003

121 (1) Amend paragraph 5B of Schedule 18 (group relief: equity holders and profits available for distribution) as follows.

(2) In sub-paragraph (4)(d) for “approved under Schedule 9” substitute “which was approved”.

(3) After sub-paragraph (4) insert—

“(4A) In sub-paragraph (4)(d) above—

• “share option scheme” means—

  (a)

  an SAYE option scheme within the meaning of the SAYE code (see section 516(4) of ITEPA 2003 (approved SAYE option schemes)), or

  (b)

  a CSOP scheme within the meaning of the CSOP code (see section 521(4) of that Act (approved CSOP schemes)); and

• “approved” means—

  (a)

  in relation to an SAYE option scheme, approved under Schedule 3 to that Act (approved SAYE option schemes), and

  (b)

  in relation to a CSOP scheme, approved under Schedule 4 to that Act (approved CSOP schemes).”