SCHEDULES

SCHEDULE 22Employee securities and options

11PAYE

1

Section 509 (modification of section 696 where charge on shares ceasing to be subject to plan) is amended as follows.

2

In subsection (4), for “subsection (5)” substitute “subsections (5) and (6)”.

3

After subsection (5) insert—

6

In determining for the purposes of this section (and of section 696 in its application in accordance with this section) whether the shares are readily convertible assets, section 702 has effect with the omission of subsections (5A) to (5D).