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HMRC internal manual

Employee Tax Advantaged Share Scheme User Manual

From
HM Revenue & Customs
Updated
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Schedule 4 Company Share Option Plan (CSOP): Eligibility of individuals to participate: The "no material interest" requirement: Associates

The meaning of associate is given in paragraph 12 Schedule 4 ITEPA as:

  • any relative or partner of that individual (spouse or civil partner, parent, child or other lineal descendant, brother or sister),
  • the trustee or trustees of any settlement of which the individual or any of the individual’s relatives is or was a settlor,
  • where the individual is interested in any shares which are subject to any  trust or part of the estate of a deceased person, the trustee or trustees of that settlement or the personal representatives of the deceased are associates.