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Income Tax (Earnings and Pensions) Act 2003, Cross Heading: Introduction is up to date with all changes known to be in force on or before 25 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)This Chapter provides—
(a)for the approval of CSOP schemes by [F1an officer of Revenue and Customs] ,
(b)for exemptions from income tax in connection with share options granted under those schemes, and
(c)for amounts to count as employment income in certain circumstances in connection with such options.
(2)Schedule 4 contains the requirements that have to be met for a CSOP scheme to be approved, together with the approval procedure.
(3)The provisions of—
(a)this and the following sections of this Chapter,
(b)Schedule 4, and
(c)Part 3 of Schedule 7D to TCGA 1992 (approved CSOP schemes: amount of consideration on exercise of option),
together constitute “the CSOP code”.
(4)In the CSOP code—
“approved” means approved by [F1an officer of Revenue and Customs] under Schedule 4 (see paragraph 1 of the Schedule);
“CSOP scheme” means a scheme (commonly referred to as a company share option plan) which—
is established by a company,
provides for share options to be granted to employees and directors, and
is not an SAYE option scheme (within the meaning of the SAYE code: see section 516(4));
“
” means a right to acquire shares in a company;“
” includes stock.(5)Other expressions used in the CSOP code and contained in the index at the end of Schedule 4 have the meaning indicated by the index.
Textual Amendments
F1Words in Act substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 102(1); S.I. 2005/1126, art. 2(2)(h)
(1)This Chapter applies to a share option granted to an individual—
(a)in accordance with the provisions of an approved CSOP scheme, and
(b)by reason of the individual’s office or employment as a director or employee of a company.
(2)The individual may be a director or employee of the company whose shares are the subject of the share option, or of some other company.
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