OpenLegislation

Paragraph 1

United Kingdom

F1(A1)

For the purposes of the CSOP code a CSOP scheme is a Schedule 4 CSOP scheme if the requirements of Parts 2 to 6 of this Schedule are met in relation to the scheme.

(3)

The requirements consist of general requirements (see Part 2) and requirements as to—

  • the eligibility of individuals to participate in a scheme (see Part 3),

  • the shares to which a scheme can apply (see Part 4),

  • the share options which may be granted under a scheme (see Part 5), and

  • the exchange of share options (see Part 6).

F2(4)

Sub-paragraph (A1) is subject to Part 7 of this Schedule which—

(a)

requires notice of a scheme to be given to Her Majesty's Revenue and Customs (“HMRC”) in order for the scheme to be a Schedule 4 CSOP scheme (see paragraph 28A(1)),

(b)

provides for a scheme in relation to which such notice is given to be a Schedule 4 CSOP scheme (see paragraph 28A(4)), and

(c)

gives power to HMRC to enquire into a scheme and to decide that the scheme should not be a Schedule 4 CSOP scheme (see paragraphs 28F to 28I).

Annotations

Textual amendments

F1

Sch. 4 para. 1(A1) substituted for Sch. 4 para. 1(1)(2) (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 166(2), 204 (with Sch. 8 paras. 205-215)

F2

Sch. 4 para. 1(4) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 166(3), 204 (with Sch. 8 paras. 205-215)

Notes on Introduction to Schedule 4 CSOP schemes

Textual amendments

F1

Words in Sch. 4 para. 1 cross-heading substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 165, 204 (with Sch. 8 paras. 205-215)