{
  "url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/section-521",
  "json_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/section-521.json",
  "legislation": "ukpga/2003/1",
  "legislation_title": "Income Tax (Earnings and Pensions) Act 2003",
  "legislation_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003",
  "path": "section/521",
  "kind": "section",
  "number": "521",
  "heading": "... CSOP schemes",
  "text": "(1) This Chapter provides—\n(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(b) for exemptions from income tax in connection with share options granted under CSOP schemes which are Schedule 4 CSOP schemes, and\n(c) for amounts to count as employment income in certain circumstances in connection with such options.\n(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(3) The provisions of—\n(a) this and the following sections of this Chapter,\n(b) Schedule 4, and\n(c) Part 3 of Schedule 7D to TCGA 1992 (Schedule 4 CSOP schemes: amount of consideration on exercise of option),\ntogether constitute “the CSOP code”.\n(4) In the CSOP code—\n...\n“CSOP scheme” means a scheme (commonly referred to as a company share option plan) which—\n(a)is established by a company,\n(b)provides for share options to be granted to employees and directors, and\n(c)is not an SAYE option scheme (within the meaning of the SAYE code: see section 516(4));\n“Schedule 4 CSOP scheme” is to be read in accordance with paragraph 1 and Part 7 of Schedule 4;\n“share option” means a right to acquire shares in a company;\n“shares” includes stock.\n(5) Other expressions used in the CSOP code and contained in the index at the end of Schedule 4 have the meaning indicated by the index.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 521(1)(b) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 160(3)(b), 204 (with Sch. 8 paras. 205-215)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in s. 521(3)(c) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 160(5), 204 (with Sch. 8 paras. 205-215)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in s. 521(4) inserted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 160(6)(b), 204 (with Sch. 8 paras. 205-215)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/1/section/521",
    "retrieved_at": "2026-10-29T09:18:42.395488+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}