Other amendments: ITEPA 2003U.K.
190U.K.ITEPA 2003 is amended as follows.
191U.K.In section 227 (scope of Part 4) in subsection (4)(g) omit “approved”.
192U.K.In section 417 (scope of Part 7) in subsection (2), in the entry for Chapter 8, omit “approved”.
193U.K.In section 431A (which makes provision relating to restricted securities etc) in subsection (2)(c) for “an approved” substitute “ a Schedule 4 ”.
194U.K.In section 473 (introduction to taxation of securities options) in subsection (4)(b) for “approved” substitute “ Schedule 4 ”.
195U.K.In section 475 (no charge in respect of acquisition of option) in subsection (2) omit “approved”.
196U.K.In section 476 (charge on occurrence of chargeable event) in subsection (6), in the entry for section 524, omit “approved”.
197U.K.In section 480 (deductible amounts) in subsection (4) omit “approved”.
198U.K.In section 539 (CSOP and other options relevant for purposes of section 536) in subsection (4) for “approved under Schedule 4 (CSOP schemes)” substitute “ which is a Schedule 4 CSOP scheme (see Schedule 4) ”.
199U.K.In section 549 (application of Chapter 11 of Part 7) in subsection (2)(c) omit “approved”.
200(1)Section 554E (exclusions under Part 7A) is amended as follows.U.K.
(2)In subsection (1)(c) for “an approved” substitute “ a Schedule 4 ”.
(3)In subsection (3)(a)(ii) and (b)(ii) for the second “an approved” substitute “ a Schedule 4 ”.
(4)In subsection (4)(a) and (b) for the third “approved” substitute “ Schedule 4 ”.
201U.K.In section 697 (PAYE: enhancing the value of an asset) in subsection (4) before paragraph (b) insert—
“(ab)any shares acquired by the employee under a scheme which is a Schedule 4 CSOP scheme (see Schedule 4),”.
202U.K.In section 701 (PAYE: meaning of “asset”) in subsection (2)(c)(ia) for “approved under Schedule 4 (approved CSOP schemes)” substitute “ which is a Schedule 4 CSOP scheme (see Schedule 4) ”.
203U.K.In paragraph 5 of Schedule 5 (enterprise management incentives: maximum entitlement of employee) in sub-paragraph (5) for “approved under Schedule 4 (CSOP schemes)” substitute “ which is a Schedule 4 CSOP scheme (see Schedule 4) ”.