SCHEDULES

C1C2C3C4C5SCHEDULE 9 APPROVED SHARE OPTION SCHEMES AND PROFIT SHARING SCHEMES

Annotations:
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 V REQUIREMENTS APPLICABLE TO PROFIT SHARING SCHEMES

36

1

M1Subject to paragraphs 8 and 35 above, every person who at any time—

a

is F1an employee or a full-time director of the grantor or, in the case of a group scheme, a participating company, and

b

has been such an employee or director at all times during a qualifying period, not exceeding five years, ending at that time, and

c

is chargeable to tax in respect of his office or employment under Case I of Schedule E,

must then be eligible (subject to paragraphs 8 and 35 of this Schedule) to participate in the scheme on similar terms and those who do participate must actually do so on similar terms.

2

For the purposes of sub-paragraph (1) above, the fact that the number of shares to be appropriated to the participants in a scheme varies by reference to the levels of their remuneration, the length of their service or similar factors shall not be regarded as meaning that they are not eligible to participate in the scheme on similar terms or do not actually do so.