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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): Exchange of share options: When a rollover of options can take place

Scheme rules must only permit exchanges of options:

  • to be triggered by the occurrence of the events specified in paragraph 26(2),
  1. the acquiring company obtaining control of the scheme company by a general offer (paragraph 26(2)(a)),
  2. the acquiring company obtaining control of the scheme company by a compromise or arrangement (paragraph 26(2)(b)),
  3. the acquiring company obtaining control of the scheme company as a result of a non-UK company reorganisation (paragraph 26(2)(ba)),
  4. the acquiring company becoming bound or entitled to acquire shares in the scheme company (paragraph 26(2)(c)),

The “scheme company” is the company whose shares may be acquired by the exercise of share options obtained under the scheme (paragraph 26(1)).