Part 3 CSOP Schemes
Finance Act 2014 (2014 c 26) | Legislation

Part 3 CSOP Schemes

Amendments to Chapter 8 of Part 7 of ITEPA 2003

158

Chapter 8 of Part 7 of ITEPA 2003 (employment income: income and exemptions relating to securities: CSOP schemes) is amended as follows.

159

In the title omit “Approvedâ€.

160

(1)     Section 521 (introduction to CSOP schemes) is amended as follows.

(2)     In the heading omit “Approvedâ€.

(3)     In subsection (1)—

(a)     omit paragraph (a), and

(b)     in paragraph (b) for “those†substitute “CSOP schemes which are Schedule 4 CSOPâ€.

(4)     Omit subsection (2).

(5)     In subsection (3)(c) for “approved†substitute “Schedule 4â€.

(6)     In subsection (4)—

(a)     omit the definition of “approvedâ€, and

(b)     after the definition of “CSOP scheme†insert—

““Schedule 4 CSOP scheme†is to be read in accordance with paragraph 1 and Part 7 of Schedule 4;â€.

161

In section 522 (share options to which Chapter applies) in subsection (1)(a) for “an approved†substitute “a Schedule 4â€.

162

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

(2)     In subsection (1)(a) for “approved†substitute “a Schedule 4 CSOP schemeâ€.

(3)     In subsection (2E)—

(a)

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