Explanatory Notes

Income Tax (Earnings and Pensions) Act 2003

2003 CHAPTER 1

6th March 2003

Commentary on Sections

Omitted material

Schedule 3: Approved Saye Option Schemes

Overview

Part 4: Shares to which schemes can apply
Paragraph 19: Requirements as to listing

3296.This follows paragraph 11 of Schedule 9 to ICTA, but the interpretation of paragraph 11(c) is assisted by its division into sub-paragraph (1)(c) and (2) which introduces a new label, “a listed company”.

3297.Eligible shares have to be in a listed company, a company under the control of a listed company or in an independent company.