Version Superseded: 11/07/2023
Point in time view as at 02/12/2019.
Income Tax (Earnings and Pensions) Act 2003, Paragraph 6 is up to date with all changes known to be in force on or before 06 March 2025. 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.
6(1)The scheme must provide that an individual may not be granted share options under it which would at the time when they are granted cause the aggregate market value of the shares which the individual may acquire by exercising share options granted under—U.K.
(a)the scheme, or
(b)any other [F1Schedule 4] CSOP scheme established by the scheme organiser or an associated company of the scheme organiser,
to exceed or further exceed £30,000.
(2)For the purposes of sub-paragraph (1) share options that have already been exercised are to be left out of account.
(3)For the purposes of sub-paragraph (1) the market value of shares is to be calculated as at—
(a)the time when the options relating to them were granted, or
(b)if an agreement relating to them has been made under paragraph 22 (requirements as to price for acquisition of shares) the earlier time or times stated in the agreement.
[F2(4)For the purposes of this paragraph the market value of shares subject to a restriction is to be determined as if they were not subject to the restriction.]
Textual Amendments
F1Words in Sch. 4 para. 6(1)(b) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 170, 204 (with Sch. 8 paras. 205-215)
F2Sch. 4 para. 6(4) inserted (with effect in accordance with Sch. 2 para. 77 of the amending Act) by Finance Act 2013 (c. 29), Sch. 2 para. 68
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