Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
As published
16 CSOP schemes and EMI: PISCES shares
(1) If—
(a) a share option is granted under a CSOP scheme before 6 April 2028,
(b) the terms of the option which are mentioned in paragraph 21A(1)(d) of Schedule 4 to ITEPA 2003 are, at any time on or after 15 May 2025, varied, and
(c) the sole effect of the provision constituting the variation is that, in the event that the shares are or become PISCES shares, the option may be exercised (to any extent) but only if the shares acquired as a result of its exercise are then sold on a PISCES as soon as is reasonably practicable,
the provision mentioned in paragraph (c) is to be treated for the purposes of the CSOP code as if it had been included in the share option at the time at which the option was granted.
(2) Subsection (1) is to have effect as if contained in Schedule 4 to ITEPA 2003.
(3) If—
(a) a share option which is a qualifying option for the purposes of the EMI code is granted before 6 April 2028,
(b) the terms of the option which are mentioned in paragraph 37(2)(e) of Schedule 5 to ITEPA 2003 are, at any time on or after 15 May 2025, varied, and
(c) the sole effect of the provision constituting the variation is that, in the event that the shares are or become PISCES shares, the option may be exercised (to any extent) but only if the shares acquired as a result of its exercise are then sold on a PISCES as soon as is reasonably practicable,
the provision mentioned in paragraph (c) is to be treated for the purposes of the EMI code as if it had been included in the share option at the time at which the option was granted.
(4) Subsection (3) is to have effect as if contained in Schedule 5 to ITEPA 2003.
(5) A variation of an option is not to count for the purposes of this section unless—
(a) the variation is effected by a written agreement to which the person entitled to exercise the option is a party, or
(b) the variation is otherwise notified in writing to that person.
(6) For the purposes of this section, “PISCES shares” and “a PISCES” have the same meaning as in the applicable PISCES regulations.
(7) For this purpose, “the applicable PISCES regulations” means—
(a) the Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025 (“the 2025 regulations”), or
(b) if regulations are made under section 15 of the Financial Services and Markets Act 2023 (“the 2023 Act”) in the case of a PISCES, regulations under that section.
(8) If—
(a) regulations made under section 15 of the 2023 Act use expressions other than PISCES shares or a PISCES, but
(b) those other expressions are used in those regulations for the same or similar purposes as the expressions PISCES and a PISCES are used in the 2025 regulations,
this section has effect as if the references to PISCES shares or a PISCES are to those other expressions.
Your change, as a redline
16 CSOP schemes and EMI: PISCES shares
(1) If—
(a) a share option is granted under a CSOP scheme before 6 April 2028,
(b) the terms of the option which are mentioned in paragraph 21A(1)(d) of Schedule 4 to ITEPA 2003 are, at any time on or after 15 May 2025, varied, and
(c) the sole effect of the provision constituting the variation is that, in the event that the shares are or become PISCES shares, the option may be exercised (to any extent) but only if the shares acquired as a result of its exercise are then sold on a PISCES as soon as is reasonably practicable,
the provision mentioned in paragraph (c) is to be treated for the purposes of the CSOP code as if it had been included in the share option at the time at which the option was granted.
(2) Subsection (1) is to have effect as if contained in Schedule 4 to ITEPA 2003.
(3) If—
(a) a share option which is a qualifying option for the purposes of the EMI code is granted before 6 April 2028,
(b) the terms of the option which are mentioned in paragraph 37(2)(e) of Schedule 5 to ITEPA 2003 are, at any time on or after 15 May 2025, varied, and
(c) the sole effect of the provision constituting the variation is that, in the event that the shares are or become PISCES shares, the option may be exercised (to any extent) but only if the shares acquired as a result of its exercise are then sold on a PISCES as soon as is reasonably practicable,
the provision mentioned in paragraph (c) is to be treated for the purposes of the EMI code as if it had been included in the share option at the time at which the option was granted.
(4) Subsection (3) is to have effect as if contained in Schedule 5 to ITEPA 2003.
(5) A variation of an option is not to count for the purposes of this section unless—
(a) the variation is effected by a written agreement to which the person entitled to exercise the option is a party, or
(b) the variation is otherwise notified in writing to that person.
(6) For the purposes of this section, “PISCES shares” and “a PISCES” have the same meaning as in the applicable PISCES regulations.
(7) For this purpose, “the applicable PISCES regulations” means—
(a) the Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025 (“the 2025 regulations”), or
(b) if regulations are made under section 15 of the Financial Services and Markets Act 2023 (“the 2023 Act”) in the case of a PISCES, regulations under that section.
(8) If—
(a) regulations made under section 15 of the 2023 Act use expressions other than PISCES shares or a PISCES, but
(b) those other expressions are used in those regulations for the same or similar purposes as the expressions PISCES and a PISCES are used in the 2025 regulations,
this section has effect as if the references to PISCES shares or a PISCES are to those other expressions.
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.
Sign in to file your proposal. What you have written stays on this page.
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.