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HMRC internal manual

Employee Tax Advantaged Share Scheme User Manual

Schedule 4 Company Share Option Plan (CSOP): Eligibility of individuals to participate: The employment requirement: Option not transferable

To comply with paragraph 23(1) it must be clear that options granted under a Schedule 4 CSOP scheme are non-transferable. Plan rules commonly provide that any attempt at such a transfer will cause the option to automatically lapse. The only allowable exception to this is in the event of the death of the option holder where exercise may be permitted by the personal representative(s) (or beneficiaries) of the deceased (see ETASSUM42210).