SCHEDULES
SCHEDULE 9Arrangements and reconstructions for companies in financial difficulty
PART 2Consequential amendments
Income Tax (Earnings and Pensions) Act 2003
25
1
Schedule 4 (CSOP schemes) is amended as follows.
2
In Part 5 (requirements etc relating to share options), in paragraph 25A (exercise of options: company events)—
a
in sub-paragraph (1), after “(6)” insert “
, (6ZA)
”
;
b
after sub-paragraph (6) insert—
6ZA
The relevant date for the purposes of this sub-paragraph is the date when the court sanctions under section 901F of the Companies Act 2006 (court sanction for compromise or arrangement) a compromise or arrangement applicable to or affecting—
a
all the ordinary share capital of the company or all the shares of the same class as the shares to which the option relates, or
b
all the shares, or all the shares of that same class, which are held by a class of shareholders identified otherwise than by reference to their employment or directorships or their participation in a Schedule 4 CSOP scheme.
c
in sub-paragraph (7C)(b), after “sub-paragraph (6)” insert “
or (6ZA)
”
;
d
in sub-paragraph (7E)(a), after “(6)” insert “
, (6ZA)
”
;
e
in sub-paragraph (7F)(a)(i) and (b)(i), after “(6)” insert “
, (6ZA)
”
.
3
In Part 6 (exchange of share options), in paragraph 26 (exchange of options on company reorganisation), in sub-paragraph (2)(b), after “section 899” insert “
or 901F
”
.