Part 3 CSOP Schemes
Finance Act 2003 (2003 c 14) | Legislation

Part 3 CSOP Schemes

Introductory

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The Income Tax (Earnings and Pensions) Act 2003 (c 1) is amended as follows.

Exercise of options: exclusion of income tax liability

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(1)     Section 524 (no charge in respect of exercise of option under CSOP scheme) is amended as follows.

(2)     For subsection (1)(b) substitute—

“(b)     Condition A or B is met.â€.

(3)     For subsections (2) and (3) substitute—

“(2)     Condition A is that the option is exercised—

(a)     on or after the third anniversary of the date on which it was granted, but

(b)     not later than the tenth anniversary of that date.

(2A)     Condition B is that the option—

(a)     is exercised before the third anniversary of the date on which it was granted, and

(b)     is so exercised by virtue of a provision included in the scheme under paragraph 24 of Schedule 4 (exercise of options after ceasing to be director or employee) in circumstances in which subsection (2B) applies.

(2B)

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