Section 521 ... CSOP schemes

United Kingdom

(1)

This Chapter provides—

(a)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)

for exemptions from income tax in connection with share options granted under F1CSOP schemes which are Schedule 4 CSOP schemes, and

(c)

for amounts to count as employment income in certain circumstances in connection with such options.

(2)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)

The provisions of—

(a)

this and the following sections of this Chapter,

(b)

Schedule 4, and

(c)

Part 3 of Schedule 7D to TCGA 1992 (F2Schedule 4 CSOP schemes: amount of consideration on exercise of option),

together constitute “the CSOP code”.

(4)

In the CSOP code—

...
“CSOP scheme” means a scheme (commonly referred to as a company share option plan) which—
1. (a)
  is established by a company,
2. (b)
  provides for share options to be granted to employees and directors, and
3. (c)
  is not an SAYE option scheme (within the meaning of the SAYE code: see section 516(4));
F3“Schedule 4 CSOP scheme” is to be read in accordance with paragraph 1 and Part 7 of Schedule 4;
“share option” means a right to acquire shares in a company;
“shares” includes stock.

(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.

Annotations

F1: 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)
F2: 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)
F3: 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)

F1: Pt. 7 heading substituted (with effect in accordance with Sch. 22 para. 2(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 2(1)

C1: Pt. 7: power to modify conferred (7.4.2005) by Finance Act 2005 (c. 7), s. 21(8)-(10)

F1: Word in Pt. 7 Ch. 8 title omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 159, 204 (with Sch. 8 paras. 205-215)