SCHEDULES

SCHEDULE 8Employee share schemes

PART 3CSOP schemes

Other amendments: ITEPA 2003

190

ITEPA 2003 is amended as follows.

191

In section 227 (scope of Part 4) in subsection (4)(g) omit “approved”.

192

In section 417 (scope of Part 7) in subsection (2), in the entry for Chapter 8, omit “approved”.

193

In section 431A (which makes provision relating to restricted securities etc) in subsection (2)(c) for “an approved” substitute “ a Schedule 4 ”.

194

In section 473 (introduction to taxation of securities options) in subsection (4)(b) for “approved” substitute “ Schedule 4 ”.

195

In section 475 (no charge in respect of acquisition of option) in subsection (2) omit “approved”.

196

In section 476 (charge on occurrence of chargeable event) in subsection (6), in the entry for section 524, omit “approved”.

197

In section 480 (deductible amounts) in subsection (4) omit “approved”.

198

In section 539 (CSOP and other options relevant for purposes of section 536) in subsection (4) for “approved under Schedule 4 (CSOP schemes)” substitute “ which is a Schedule 4 CSOP scheme (see Schedule 4) ”.

199

In section 549 (application of Chapter 11 of Part 7) in subsection (2)(c) omit “approved”.

200

1

Section 554E (exclusions under Part 7A) is amended as follows.

2

In subsection (1)(c) for “an approved” substitute “ a Schedule 4 ”.

3

In subsection (3)(a)(ii) and (b)(ii) for the second “an approved” substitute “ a Schedule 4 ”.

4

In subsection (4)(a) and (b) for the third “approved” substitute “ Schedule 4 ”.

201

In section 697 (PAYE: enhancing the value of an asset) in subsection (4) before paragraph (b) insert—

ab

any shares acquired by the employee under a scheme which is a Schedule 4 CSOP scheme (see Schedule 4),

202

In section 701 (PAYE: meaning of “asset”) in subsection (2)(c)(ia) for “approved under Schedule 4 (approved CSOP schemes)” substitute “ which is a Schedule 4 CSOP scheme (see Schedule 4) ”.

203

In paragraph 5 of Schedule 5 (enterprise management incentives: maximum entitlement of employee) in sub-paragraph (5) for “approved under Schedule 4 (CSOP schemes)” substitute “ which is a Schedule 4 CSOP scheme (see Schedule 4) ”.