Section 38 | Employee share schemes: non-discrimination.

(1)The Taxes Act 1988 shall be amended as follows.

(2)Repealed^F1

(3)In Schedule 10 (further provisions relating to profit sharing schemes) in sub-paragraph (b) of paragraph 2 and in sub-paragraph (c)(ii) of paragraph 3 for “pensionable age” there shall be substituted “the relevant age ”, and at the end of each of those paragraphs there shall be inserted—.

(4)In section 187(2) (definitions for the purposes of provisions relating to employee share schemes) after the definition of “shares” there shall be inserted—.

(5)In Part II of Schedule 9 (requirements generally applicable to employee share schemes) after paragraph 8 there shall be inserted—

8A

(1)In the case of a savings-related share option scheme or a profit sharing scheme, the scheme must specify what age is to be the specified age for the purposes of the scheme.

(2)The age specified—

(a)must be the same for men and women, and

(b)must be not less than 60 and not more than 75.

(6)Subsection (5) above shall have effect in relation to a scheme not approved before the day on which this Act is passed.^F2