SCHEDULES
C1C2C3C4C5SCHEDULE 9 APPROVED SHARE OPTION SCHEMES AND PROFIT SHARING SCHEMES
Sch. 9 modified (29.4.1996) by Finance Act 1996 (c. 8), s. 115
Sch. 9 modified (29.4.1996) by Finance Act 1996 (c. 8), s. 116(3)
Sch. 9 modified (28.7.2000) by Finance Act 2000 (c. 17), s. 49(1)(2)
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)
F1F1PART IV REQUIREMENTS APPLICABLE TO OTHER SHARE OPTION SCHEMES
Sch. 9 Pts. 3, 4 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 112(2), Sch 8 Pt. 1 (with Sch. 7)
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1
M1A 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
M2The 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
28
1
M4 The scheme must provide that no person shall obtain rights under it which would, at the time they are obtained, cause the aggregate market value of the shares which he may acquire in pursuance of rights obtained under the scheme or under any other share option scheme, not being a savings-related share option scheme, approved under this Schedule and established by the grantor or by any associated company of the grantor (and not exercised) to exceed or further exceed F3£30,000.
2
F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C63
For the purposes of sub-paragraph (1) above, the market value of shares shall be calculated as at the time when the rights in relation to those shares were obtained or, in a case where an agreement relating to them has been made under paragraph 29 below, such earlier time or times as may be provided in the agreement.
4
F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F529
F61
The price at which scheme shares may be acquired by the exercise of a right obtained under the scheme—
a
must be stated at the time the right is obtained, and
b
must not be manifestly less than the market value of shares of the same class at that time or, if the Board and the grantor agree in writing, at such earlier time or times as may be provided in the agreement.
7
The scheme may provide for such variation of the price at which scheme shares may be acquired as may be necessary to take account of any variation in the share capital of which the scheme shares form part.
8
F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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))