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This factsheet provides an overview of the key elements of the Schedule 4 possessions regime for both passenger and freight operators. It is intended to provide a useful reference for industry...
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Schedule 4 of track access contracts provides financial compensation to train operators for the impact of planned disruption linked to engineering possessions. It also incentivises Network Rail...
Schedule 4 places incentives on Network Rail to plan possessions efficiently so as to minimise disruption, and Schedule 8 places incentives on Network Rail and train operators to limit...
Schedule 4 pays train operators for the financial impact of planned service disruption where operators are given restricted access to the network, principally as a result of our undertaking engineering work.
- Overview
- Statutory provisions and requirements
1.Contents
2.ETASSUM40000
3.ETASSUM41000
The legislation relating to Schedule 4 CSOPs was initially introduced by Finance Act 1984 and is now consolidated in Sections 521-526 and Schedule 4 ITEPA which together with Part 3 Schedule 7D TCGA 1992 form the “CSOP code”.
Under these schemes employees and directors are granted share options which give them rights to acquire shares. If certain conditions are satisfied no liability to income tax arises when the options are exercised. Prior to 6 April 2014, the scheme organiser had to obtain HMRC approval that the scheme met the conditions of Schedule 4 before the company could operate the scheme. From 6 April 2014 ‘approval’ is no longer given. Instead, the scheme organiser is required to notify the scheme, within certain time limits, to HMRC and, to self certify that the scheme meets these conditions and is a Schedule 4 CSOP scheme.
Unlike SAYE option schemes, Schedule 4 CSOP schemes are not required to be open to all employees.
The statutory provisions (all references are to the Income Tax (Earnings and Pensions) Act 2003 (ITEPA) and requirements relate to:
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Protection of Freedoms Act 2012, SCHEDULE 4 is up to date with all changes known to be in force on or before 29 October 2024. There are changes that may be brought into force at a future...
