Income Tax (Earnings and Pensions) Act 2003 (c. 1)

SCHEDULES

SCHEDULE 4 U.K. Approved CSOP schemes

Part 1 U.K. Introduction

CSOP schemes U.K.

2 (1) In the CSOP code a “CSOP scheme” means (in accordance with section 521(4)) a scheme which— U.K.

(a) is established by a company,

(b) provides for share options to be granted to employees and directors, and

(c) is not an SAYE option scheme (within the meaning of the SAYE code: see section 516(4)).

(2) In the CSOP code, in relation to a CSOP scheme—

• “participant” means an individual who has been granted (but has not yet exercised) share options under the scheme (“the options”);

• “participate” means obtain and exercise share options under the scheme;

• “the scheme organiser” means the company which has established the scheme.