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HMRC internal manual

Employee Tax Advantaged Share Scheme User Manual

Schedule 4 Company Share Option Plan (CSOP): Shares to be used: Fully paid-up shares

It should be clear from the company’s Articles of Association, whether the shares to be used as scheme shares are fully paid-up and not redeemable (paragraph 18(a) and (b)).

Some US corporations do not have shares with a specific par value, but merely issue shares at a price reflecting the value placed on them from time to time. In determining whether such shares are fully paid-up it is necessary to ensure that the shares to be used as scheme shares rank equally in all respects with other shares of the same class, and that there are no further calls outstanding, or possible to be made, in respect of them.