Taxes Consolidation Act 1997 Schedule 12A paragraph 10

Conditions as to the shares

Paragraph 10 of Schedule 12A requires that shares available under an approved savings-related share option scheme must meet specified conditions.

• The scheme must provide for employees and full-time directors to obtain rights to acquire shares known as "scheme shares".
• Scheme shares must satisfy the detailed requirements set out in paragraphs 11 to 15 of Schedule 12A.
• No share may be offered under the scheme unless it meets all of the qualifying conditions in those paragraphs.
• This paragraph acts as a gateway provision, linking the scheme rules to the specific share conditions that follow.