Paragraph 25
United Kingdom
M1The price at which scheme shares may be acquired by the exercise of a right obtained under the scheme—
must be stated at the time the right is obtained, and
must not be manifestly less than F180%. of the market value of shares of the same class at that time or, if the Board and the grantor agree in writing, at such earlier time or times as may be provided in the agreement,
but the scheme may provide for such variation of the price as may be necessary to take account of any variation in the share capital of which the scheme shares form part.
Annotations
Textual amendments
- F1
1989 s.62(3).Previously
“90 per cent.”.
Marginal citations
- M1
Source—1980 Sch.10 14
Notes on Schedule 9
Modifications
- C1
Sch. 9 excluded (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 238(2)(c)(4), 289 (with ss. 60, 101(1), 171, 201(3))
- C2
Sch. 9 modified (29.4.1996) by Finance Act 1996 (c. 8), s. 115
- C3
Sch. 9 modified (29.4.1996) by Finance Act 1996 (c. 8), s. 116(3)
- C4
Sch. 9 modified (28.7.2000) by Finance Act 2000 (c. 17), s. 49(1)(2)
- C5
Sch. 9 continued for specified purposes (6.4.2003 with effect in accordance with s. 723(1) of the affecting Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 418(3) (with Sch. 7)
Notes on Part III
Textual amendments
- F1
Sch. 9 Pts. 3, 4 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 112(2), Sch 8 Pt. 1 (with Sch. 7)