- Approved Executive Share Option Scheme
Approved Executive Share Option Scheme/Selective Share Option SchemeA share option scheme approved by the Inland Revenue under the provisions of the Income and Corporations Taxes Act 1988. These types of schemes are by far the most flexible of the approved schemes and the most popular. The schemes allow the company to select who will participate and at what level. The options may be conditional upon obtaining profit targets etc. The levels of participation are quite generous. The subscription price for the shares is set at the date of grant of the option but may not be less than the market value. For options granted after 17th July 1995, profits on the exercise and realisation of options is no longer treated as a capital gain except to the extent of the first ₤30,000 of value of the shares under option. The excess is treated as income and taxed on the same basis as an approved scheme.
Easyform Glossary of Law Terms. — UK law terms.
- approved executive share option scheme
A type of share option scheme introduced in 1984. The directors can decide which executives benefit from the scheme. The executive is given the option over a fixed number of shares usually at the market price. The company will specify a date before which the option cannot be exercised. Exercise cannot be more than ten years after the grant of the option. Tax benefits can only be realised if the option is exercised no earlier than the third anniversary of the date of grant of the option.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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