40 |
From 17 March 1993162 any capital gain is calculated by reference to the actual consideration received rather than market value;163 the value of services or past services rendered by the employee is excluded164 so that virtually the only consideration to be brought in will be pecuniary. |
16A.8.2.2 Conditions for Approval |
16A.8.2.2.1 Who may Participate? From 1 May 1995 any full-time director or qualifying employee (whether full-time or part-time) of the company establishing the scheme (the grantor company), or of another company covered by the group scheme, are eligible to participate.165 Anyone with a material interest in a company must be excluded, as must a part-time director.166 |
16A.8.2.2.2 Value? As from 1996 the value of the shares (at the time the option is granted) over which each participator may hold unexercised options is restricted to £30,000. For earlier schemes the limit was the greater of (a) £100,000, and (b) four times the emoluments (for PAYE purposes, less benefits) in the year of assessment or the preceding year (or the 12 months beginning on the first day in the year of assessment for which there are such emoluments).167 Within these limits the size of the option is at the company’s discretion. |