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HMRC internal manual

Employee Tax Advantaged Share Scheme User Manual

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HM Revenue & Customs
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Schedule 4 Company Share Option Plan (CSOP): General requirements: Introduction

A Schedule 4 CSOP scheme must meet the purpose of providing benefits in the form of share options to employees and directors in accordance with Schedule 4 of Income Tax (Earnings and Pensions) Act 2003 (ITEPA). The scheme must not provide benefits to employees or directors other than in accordance with the Schedule, and in particular must not provide cash to employees as an alternative to share options or shares which might otherwise be acquired by the exercise of share options. There is no requirement for the scheme rules to expressly state the purpose of the scheme.