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Finance Act 1996
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- UK Public General Acts
- 1996 c. 8
- SCHEDULE 16
- Preliminary
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Preliminary
1(1)Subject to sub-paragraphs (2) and (3) below, this Schedule applies to any share option scheme approved by the Board before the day on which this Act is passed in consequence of their being satisfied that the scheme fulfils the requirements of Part IV of Schedule 9 to the Taxes Act 1988 (as well as such requirements of Parts I and II of that Schedule as apply in relation to the scheme).
(2)This Schedule shall not apply to a share option scheme if, before the end of 1996, the grantor gives notice to the Board that it is not to apply.
(3)Where a notice is given to the Board under sub-paragraph (2) above, the scheme shall, with effect from the day on which the notice is given, cease to be approved.
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