SCHEDULES

SCHEDULE 8Employee share schemes

PART 3CSOP schemes

178Amendments to Chapter 8 of Part 7 of ITEPA 2003

1

Paragraph 27 (requirements about share options granted in exchange) is amended as follows.

2

In sub-paragraph (4)—

a

in paragraph (c) for “equal” substitute “be substantially the same as”, and

b

in paragraph (d) for “equal to” substitute “substantially the same as”.

3

After sub-paragraph (7) insert—

8

For the purposes of this paragraph the market value of any shares is to be determined using a methodology agreed by Her Majesty’s Revenue and Customs.