SCHEDULES

SCHEDULE 9 U.K. APPROVED SHARE OPTION SCHEMES AND PROFIT SHARING SCHEMES

Modifications etc. (not altering text)

C1 Sch. 9 excluded (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 238(2)(c)(4), 289 (with ss. 60, 101(1), 171, 201(3))

C2 Sch. 9 modified (29.4.1996) by Finance Act 1996 (c. 8), s. 115

C3 Sch. 9 modified (29.4.1996) by Finance Act 1996 (c. 8), s. 116(3)

C4 Sch. 9 modified (28.7.2000) by Finance Act 2000 (c. 17), s. 49(1)(2)

C5 Sch. 9 continued for specified purposes (6.4.2003 with effect in accordance with s. 723(1) of the affecting Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 418(3) (with Sch. 7)

PART IV U.K. REQUIREMENTS APPLICABLE TO OTHER SHARE OPTION SCHEMES

27 (1) M1 A person must not be eligible to obtain rights under the scheme at any time unless he is at that time a full-time director or qualifying employee of the grantor or, in the case of a group scheme, of a participating company, but the scheme may provide that a person may exercise rights under it after he has ceased to be a full-time director or qualifying employee.

(2) M2 The scheme must not permit any person obtaining rights under it to transfer any of them but may provide that, if a person who has obtained rights under it dies before exercising them, they may be exercised after, but not more than one year after, the date of his death.

(3) Where the scheme contains the provision permitted by sub-paragraph (2) above and any rights are exercised—

(a) after the death of the person who obtained them; but

(b) before the expiry of the period of ten years beginning with his obtaining them;

subsection (3) of section 185 shall apply with the omission of the reference to subsection (5) of that section.

(4) M3 In sub-paragraph (1) above “qualifying employee”, in relation to a company, means an employee of the company (other than one who is a director of the company or, in the case of a group scheme, of a participating company) F1 . . . .

Textual Amendments

F1 Words in Sch. 9 para. 27(4) repealed (with effect in accordance with s. 137(7)(8) of the repealing Act) by Finance Act 1995 (c. 4), s. 137(3), Sch. 29 Pt. 8(20), Note

Marginal Citations

M1 Source—1984 Sch.10 4(1)(a), (2)

M2 Source—1984 Sch.10, 12

M3 Source—1984 Sch. 10 15(1)