Part 4 Shares to which Schemes can Apply
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

Part 4 Shares to which Schemes can Apply

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

17

(1)     An SAYE option scheme must meet the requirements of—

paragraph 18 (shares must be ordinary shares of certain companies),

paragraph 19 (requirements as to listing),

paragraph 20 (shares must be fully paid up and not redeemable), [and]

.Ìý.Ìý.

paragraph 22 (requirements as to other shareholdings).

[(1A)     Sub-paragraph (1) and the other paragraphs of this Part are subject to paragraph 37(6B).]

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

Shares must be ordinary shares of certain companies

18

Eligible shares must form part of the ordinary share capital of—

(a)     the scheme organiser,

(b)

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