Income Tax (Earnings and Pensions) Act 2003

This section has no associated Explanatory Notes

(1)This Chapter provides—

F2(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)for exemptions from income tax in connection with share options granted under [F3CSOP schemes which are Schedule 4 CSOP] schemes, and

(c)for amounts to count as employment income in certain circumstances in connection with such options.

F4(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)The provisions of—

(a)this and the following sections of this Chapter,

(b)Schedule 4, and

(c)Part 3 of Schedule 7D to TCGA 1992 ([F5Schedule 4] CSOP schemes: amount of consideration on exercise of option),

together constitute “the CSOP code”.

(4)In the CSOP code—

F6...
“CSOP scheme” means a scheme (commonly referred to as a company share option plan) which—
(a)
is established by a company,
(b)
provides for share options to be granted to employees and directors, and
(c)
is not an SAYE option scheme (within the meaning of the SAYE code: see section 516(4));
[F7“Schedule 4 CSOP scheme” is to be read in accordance with paragraph 1 and Part 7 of Schedule 4;]
“share option” means a right to acquire shares in a company;
“shares” includes stock.

(5)Other expressions used in the CSOP code and contained in the index at the end of Schedule 4 have the meaning indicated by the index.

Textual Amendments