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 [F2£60,000].
(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.
[F3(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.]
[F4(5)The Treasury may by regulations amend sub-paragraph (1) by substituting a different sum of money for the sum for the time being specified there.]
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)
F2Sum in Sch. 4 para. 6(1) substituted (with effect in accordance with s. 16(6) of the amending Act) by Finance (No. 2) Act 2023 (c. 30), s. 16(2)(a) (with s. 16(9)(10))
F3Sch. 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
F4Sch. 4 para. 6(5) inserted (with effect in accordance with s. 16(6) of the amending Act) by Finance (No. 2) Act 2023 (c. 30), s. 16(2)(b) (with s. 16(9)(10))