Income Tax (Earnings and Pensions) Act 2003 (c. 1)

SCHEDULES

SCHEDULE 4 Approved CSOP schemes

Part 4 Shares to which schemes can apply

Requirements relating to shares that may be subject to share options: introduction

15 (1) A CSOP scheme must meet the requirements of—

• paragraph 16 (shares must be ordinary shares of certain companies),

• paragraph 17 (requirements as to listing),

• paragraph 18 (shares must be fully paid up and not redeemable),

• paragraph 19 (only certain kinds of restrictions allowed), and

• paragraph 20 (requirements as to other shareholdings).

(2) In this Part “eligible shares” means shares which may be acquired by the exercise of share options under the scheme.