Amendments to Chapter 8 of Part 7 of ITEPA 2003
166(1)Paragraph 1 (introduction) is amended as follows.
(2)For sub-paragraphs (1) and (2) substitute—
“(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)For sub-paragraph (4) substitute—
“(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).”