SCHEDULES

SCHEDULE 8Employee share schemes

PART 3CSOP schemes

Amendments to Chapter 8 of Part 7 of ITEPA 2003

175

(1)

Paragraph 25 (exercise of options: death) is amended as follows.

(2)

Make the existing text sub-paragraph (1).

(3)

In the new sub-paragraph (1) omit “but not later than 12 months after that date”.

(4)

After the new sub-paragraph (1) insert—

“(2)

Provision made under sub-paragraph (1) must permit the exercise of the options at any time on or after the date of death but not later than 12 months after that date.”