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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 “ ” 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)
F4Sch. 4 para. 15(1A) inserted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 171, 204 (with Sch. 8 paras. 205-215)
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.
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)
F7Sch. 4 para. 17(1)(ba) and word inserted (1.10.2014) by Finance Act 2014 (c. 26), Sch. 37 para. 21(1)(2)
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)
18U.K.Eligible shares must be—
(a)fully paid up, and
(b)not redeemable.
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
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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