Point in time view as at 17/12/2014.
Income Tax (Earnings and Pensions) Act 2003, Paragraph 73 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.
73(1)This paragraph applies where, immediately before 6th April 2003, a discretionary share option scheme was approved under Schedule 9 to ICTA (approved share option schemes and profit-sharing schemes).U.K.
(2)On and after that date the scheme is to be treated as a CSOP scheme approved by [F1an officer of Revenue and Customs] under Schedule 4 to this Act.
(3)Sub-paragraph (2) has effect even if the provisions of the scheme do not wholly conform with the provisions of Schedule 4 to this Act, but they are without prejudice to—
(a)paragraphs 30 and 31 of that Schedule (withdrawal or loss of approval), and
(b)any approved alteration of the scheme.
(4)For the purposes of paragraph 30 of Schedule 4, as it applies to the scheme, nothing is to be regarded as a disqualifying event if it would not have resulted in any of the former approval requirements ceasing to be met.
The “former approval requirements” means the requirements of Schedule 9 to ICTA by reference to which the scheme was approved.
(5)Nothing in this Act affects the validity of—
(a)any provision of the scheme which was included in it at any time before 6th April 2003 in accordance with the provisions of Schedule 9 to ICTA as then in force, or
(b)any rights obtained under the scheme which were obtained at any such time in accordance with the provisions of that Schedule as then in force.
(6)In this paragraph “” means a share option scheme other than a savings-related share option scheme (as defined by paragraph 1(1) of Schedule 9 to ICTA).
Textual Amendments
F1Words in Act substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 102(1); S.I. 2005/1126, art. 2(2)(h)
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