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Income Tax (Earnings and Pensions) Act 2003

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Part 4U.K.Shares to which schemes can apply

Requirements relating to shares that may be subject to share options: introductionU.K.

15(1)A CSOP scheme must meet the requirements of—U.K.

  • paragraph 16 (shares must be ordinary shares of certain companies),

  • paragraph 17 (requirements as to listing) [F1, and]

  • paragraph 18 (shares must be fully paid up and not redeemable) F2...

  • F3...

  • F2...

[F4(1A)Sub-paragraph (1) and the other paragraphs of this Part are subject to paragraph 25A(7B).]

(2)In this Part “eligible shares” means shares which may be acquired by the exercise of share options under the scheme.

Textual Amendments

F1Word in Sch. 4 para. 15(1) inserted (with effect in accordance with s. 16(7) of the amending Act) by Finance (No. 2) Act 2023 (c. 30), s. 16(3)(a) (with s. 16(9)(10))

F2Words in Sch. 4 para. 15(1) omitted (with effect in accordance with s. 16(7) of the amending Act) by virtue of Finance (No. 2) Act 2023 (c. 30), s. 16(3)(b) (with s. 16(9)(10))

F3Words in Sch. 4 para. 15 omitted (with effect in accordance with Sch. 2 para. 77 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 2 para. 70(b)

Shares must be ordinary shares of certain companiesU.K.

16U.K.Eligible shares must form part of the ordinary share capital of—

(a)the scheme organiser,

(b)a company which has control of the scheme organiser, or

(c)a company which either is, or has control of, a company which is a member of a consortium owning either the scheme organiser or a company having control of the scheme organiser.

Requirements as to listingU.K.

17(1)Eligible shares must be —U.K.

(a)shares of a class listed on a recognised stock exchange, F5...

(b)shares in a company which is not under the control of another company, F6...[F7, or

(ba)shares in a company which is subject to an employee-ownership trust (within the meaning of paragraph 27(4) to (6) of Schedule 2).]

F8(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F5Word in Sch. 4 para. 17(1) omitted (1.10.2014) by virtue of Finance Act 2014 (c. 26), Sch. 37 para. 21(1)(2)

F6Word in Sch. 4 para. 17(1)(b) omitted (24.9.2010 with effect in accordance with s. 39(3)-(9) of the amending Act) by virtue of Finance Act 2010 (c. 13), s. 39(2)(a)(ii)(3)(a)

F8Sch. 4 para. 17(1)(c) omitted (24.9.2010 with effect in accordance with s. 39(3)-(9) of the amending Act) by virtue of Finance Act 2010 (c. 13), s. 39(1)(3)(a)

F9Sch. 4 para. 17(2) omitted (24.9.2010 with effect in accordance with s. 39(3)-(9) of the amending Act) by virtue of Finance Act 2010 (c. 13), s. 39(2)(a)(iii)(3)(a)

Shares must be fully paid up and not redeemableU.K.

18U.K.Eligible shares must be—

(a)fully paid up, and

(b)not redeemable.

Only certain kinds of restriction allowedU.K.

F1019U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F10Sch. 4 para. 19 omitted (with effect in accordance with Sch. 2 para. 77 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 2 para. 71

Requirements as to other shareholdingsU.K.

F1120U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F11Sch. 4 para. 20 omitted (with effect in accordance with s. 16(7) of the amending Act) by virtue of Finance (No. 2) Act 2023 (c. 30), s. 16(4) (with s. 16(9)(10))

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