SCHEDULES
SCHEDULE 4Approved CSOP schemes
Part 8Supplementary provisions
Power to require information
33
1
F2An officer of Revenue and Customs may by notice require any person to provide F3the officer with any information—
a
b
which the person to whom the notice is addressed has or can reasonably obtain.
2
The power conferred by this paragraph extends, in particular, to—
a
information to enable F2an officer of Revenue and Customs —
i
to decide whether to approve a CSOP scheme or to withdraw an approval already given, or
ii
to determine the liability to tax, including capital gains tax, of any person who has participated in a scheme, and
b
information about the administration of a scheme and any alteration of the terms of a scheme.
3
The notice must require the information to be provided within a specified time, which must not end earlier than 3 months after the date when the notice is given.
Jointly owned companies
34
1
This paragraph applies for the purposes of the provisions of the CSOP code relating to group schemes.
2
Each joint owner of a jointly owned company is to be treated as controlling every company within sub-paragraph (3).
3
The companies within this sub-paragraph are—
a
the jointly owned company, and
b
any company controlled by that company.
4
However, no company within sub-paragraph (3) may be—
a
a constituent company in more than one group scheme, or
b
a constituent company in a particular group scheme if another company within that sub-paragraph is a constituent company in a different group scheme.
5
In this paragraph a “jointly owned company” means a company which (apart from sub-paragraph (2)) is not controlled by any one person and—
a
of which 50% of the issued share capital is owned by one person and 50% by another, or
b
which is otherwise controlled by two persons taken together.
6
In this paragraph “joint owner” means one of the persons mentioned in sub-paragraph (5)(a) or (b).
Meaning of “associated company”
35
1
For the purposes of the CSOP code one company is an “associated company” of another company at a given time if, at that time or at any other time within one year previously—
a
one has control of the other, or
b
both are under the control of the same person or persons.
2
For the purposes of sub-paragraph (1) the question whether a person controls a company is to be determined in accordance with F17sections 450 and 451 of CTA 2010.
F1Retirement age
35A
A retirement age specified in a CSOP scheme—
a
must be the same for men and women, and
b
must not be less than 55.
Minor definitions
36
1
In the CSOP code—
“company” means a body corporate;
“market value” has the same meaning as it has for the purposes of TCGA 1992 by virtue of Part 8 of that Act.
2
For the purposes of the CSOP code a company is a member of a consortium owning another company if it is one of a number of companies—
a
which between them beneficially own not less than 75% of the other company’s ordinary share capital, and
b
each of which beneficially owns not less than 5% of that capital.
Index of defined expressions
37
In the CSOP code the following expressions are defined or otherwise explained by the provisions indicated below:
approved | section 521(4) |
associated company | paragraph 35(1) |
child | F7section 721(6) |
close company | F8section 989 of ITA 2007, (and see paragraph 9(4)) |
company | paragraph 36(1) |
connected person | section 718 |
constituent company | paragraph 3(3) |
control | section 719 (and see paragraph 35(2)) |
the CSOP code | section 521(3) |
CSOP scheme | section 521(4) |
distribution | F9section 989 of ITA 2007 |
eligible shares (in Part 4 of this Schedule) | paragraph 15(2) |
employee and employment | section 4 |
group scheme | paragraph 3(2) (and see paragraph 34) |
F6. . . | F6. . . |
market value | paragraph 36(1) |
member of a consortium | paragraph 36(2) |
notice | F10section 989 of ITA 2007 |
the options (in relation to a participant) | paragraph 2(2) |
ordinary share capital | F11section 989 of ITA 2007 |
participant | paragraph 2(2) |
participate | paragraph 2(2) |
personal representatives | F12section 989 of ITA 2007 |
recognised stock exchange | F13section 1005 of ITA 2007 |
the scheme organiser | paragraph 2(2) |
share option | section 521(4) |
shares | section 521(4) |
F16tribunal | section 989 of ITA 2007 |
F15. . . | F15. . . |
F14. . . | F14. . . |
Sch. 4 para. 35A and cross-heading inserted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 21 para. 15(2)