ETASSUM48250 - Company Share Option Plan (CSOP): Taxation: Operation of PAYE
Finance Act 2003 (with effect from 9/4/2003) amended the meaning of “asset” in section 701 ITEPA by including shares acquired under an approved CSOP that did not attract tax relief in accordance with section 524 ITEPA. The effect of this is that non-tax relieved exercises of Schedule 4 CSOP options would be dealt with in exactly the same way as for unapproved option exercises (see ERSM170300).