Part 3 Eligibility of Individuals to Participate in Scheme
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

Part 3 Eligibility of Individuals to Participate in Scheme

Requirements relating to the eligibility of individuals: introduction

7

A CSOP scheme must meet the requirements of—

paragraph 8 (the employment requirement), and

paragraph 9 (the “no material interest” requirement).

The employment requirement

8

(1)     The scheme must ensure that an individual is not eligible to be granted share options under the scheme at a particular time unless the individual is then a full-time director or a qualifying employee of—

(a)     the scheme organiser, or

(b)     in the case of a group scheme, a constituent company.

(2)     A “qualifying employee”, in relation to a company, means an employee of the company other than one who is a director of—

(a)     the company, or

(b)     in the case of a group scheme, a constituent company.

The “no material interest” requirement

9

(1)     The scheme must ensure that an individual is not eligible to participate in the scheme on any date if the individual has on that date, or has had within the 12 months preceding that date, a material interest in a close company—

(a)     whose shares may be acquired as a result of exercising

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