SCHEDULES

C1C2C3C4C5SCHEDULE 9 APPROVED SHARE OPTION SCHEMES AND PROFIT SHARING SCHEMES

Annotations:
Modifications etc. (not altering text)
C1

Sch. 9 excluded (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 238(2)(c)(4), 289 (with ss. 60, 101(1), 171, 201(3))

C2

Sch. 9 modified (29.4.1996) by Finance Act 1996 (c. 8), s. 115

C3

Sch. 9 modified (29.4.1996) by Finance Act 1996 (c. 8), s. 116(3)

C4

Sch. 9 modified (28.7.2000) by Finance Act 2000 (c. 17), s. 49(1)(2)

C5

Sch. 9 continued for specified purposes (6.4.2003 with effect in accordance with s. 723(1) of the affecting Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 418(3) (with Sch. 7)

PART I GENERAL

3

1

If, at any time after the Board have approved a share option scheme, any of the relevant requirements ceases to be satisfied or the grantor fails to provide information requested by the Board under paragraph 6 below, the Board may withdraw the approval with effect from that time or such later time as the Board may specify; but where rights obtained under a savings-related share option scheme before the withdrawal of approval from the scheme under this paragraph are exercised after the withdrawal, section 185(3) shall apply in respect of the exercise as if the scheme were still approved.

2

If at any time after the Board have approved a profit sharing scheme—

a

a participant is in breach of any of his obligations under paragraph 2(2)(a), (c) and (d) above; or

b

there is, with respect to the operation of the scheme, any contravention of any of the relevant requirements, Schedule 10, the scheme itself or the terms of the trust referred to in paragraph 30(1)(c) below; or

c

any shares of a class of which shares have been appropriated to the participants receive different treatment in any respect from the other shares of that class, in particular, different treatment in respect of—

i

the dividend payable;

ii

repayment;

iii

the restrictions attaching to the shares; or

iv

any offer of substituted or additional shares, securities or rights of any description in respect of the shares; or

F1ca

the Board—

i

cease to be satisfied of the matters mentioned in paragraph 2(2A) above, or

ii

in the case of a scheme approved before 21st March 2000, are not satisfied of those matters; or

d

the Board cease to be satisfied that the scheme complies with the requirements of paragraph 2(3) above or paragraph 36 below; or

e

the trustees, the grantor or, in the case of a group scheme, a company which is or has been a participating company fail or fails to furnish any information which they are or it is required to furnish under paragraph 6 below,

the Board may, subject to sub-paragraph (3) below, withdraw the approval with effect from that time or from such later time as the Board may specify.

3

M1It shall not be a ground for withdrawal of approval of a profit sharing scheme that shares which have been newly issued receive, in respect of dividends payable with respect to a period beginning before the date on which the shares were issued, treatment which is less favourable than that accorded to shares issued before that date.