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 ”.