Paragraph 28
United Kingdom
M1 The scheme must provide that no person shall obtain rights under it which would, at the time they are obtained, cause the aggregate market value of the shares which he may acquire in pursuance of rights obtained under the scheme or under any other share option scheme, not being a savings-related share option scheme, approved under this Schedule and established by the grantor or by any associated company of the grantor (and not exercised) to exceed or further exceed F1£30,000.
F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
For the purposes of sub-paragraph (1) above, the market value of shares shall be calculated as at the time when the rights in relation to those shares were obtained or, in a case where an agreement relating to them has been made under paragraph 29 below, such earlier time or times as may be provided in the agreement.
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Annotations
Textual amendments
- F1
Words in Sch. 9 para. 28(1) substituted (29.4.1996) by Finance Act 1996 (c. 8), s. 114(2)(a)
- F2
Sch. 9 para. 28(2)(4) repealed (29.4.1996) by Finance Act 1996 (c. 8), s. 114(2)(b), Sch. 41 Pt. 5(5), Note 3
Marginal citations
- M1
Source—1984 Sch. 10 5
Modifications
- C1
Sch. 9 para. 28(3) applied (with effect in accordance with Sch. 16 para. 1 of the affecting Act) by Finance Act 1996 (c. 8), Sch. 16 para. 2(2)
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 IV
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Sch. 9 Pts. 3, 4 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 112(2), Sch 8 Pt.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)