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Income Tax (Earnings and Pensions) Act 2003

Paragraph 2: CSOP schemes

3374.This paragraph contains definitions that apply generally for the purposes of the CSOP code. It derives from section 185(2) of ICTA and also from various paragraphs of Schedule 9 to ICTA, including paragraph 8, and continues the introductory theme.

3375.Sub-paragraph (1) contains the central definition of a “CSOP scheme”, set out earlier in section 521(4).

3376.Sub-paragraph (2) contains the definition of “participate” and derives from paragraph 26 of Schedule 9 to ICTA, for SAYE. This sub-paragraph also introduces the term “scheme organiser”. It is preferable to the term “grantor” (used in ICTA) as the company that sets up the scheme does not have to be the person who actually grants the option. There is also a definition of “participant”.

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