Part 5 Requirements etc Relating to Share Options
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

Part 5 Requirements etc Relating to Share Options

Requirements etc relating to share options: introduction

21

(1)     A CSOP scheme must meet the requirements of—

[paragraph 21A (general requirements as to terms of option),]

paragraph 22 (requirements as to price for acquisition of shares), and

paragraph 23 (share options may not be transferred).

(2)     A CSOP scheme may make any provision authorised by—

paragraph 24 (exercise of options: ceasing to be director or employee), . . .

paragraph 25 (exercise of options: death)[, or

paragraph 25A (exercise of options: company events)].

[General requirements as to terms of option

21A

(1)     The following terms of a share option which is granted under the scheme must be stated at the time the option is granted—

(a)     the price at which shares may be acquired by the exercise of the option,

(b)     the number and description of the shares which may be acquired by the exercise of the option,

(c)     the restrictions to which those shares may be subject,

(d)     the times at which the option may be exercised (in whole or in part), and

(e)     the circumstances under which the option will lapse or be cancelled (in

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