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Employee Share Schemes

In the first of a series David Cohen head of employee incentives at Norton Rose explains how employee share schemes will be affected by the Budget. This week he covers approved schemes
Since approved discretionary share option schemes subsequently renamed company share option plans (CSOPs) were introduced in 1984 the conditions for the tax-free exercise of an option remained constant until 9 April 2003. These conditions (now set out in ITEPA 2003 s 524) were that the exercise took place:
●     no earlier than the third anniversary of the date of grant;
●     no later than the tenth anniversary of that date; and
●     not within three years of a previous tax-free exercise of a CSOP option...

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