Income Tax (Earnings and Pensions) Act 2003 section 35ZA

Non-UK company reorganisation arrangements

Section 35ZA defines what counts as a "non-UK company reorganisation arrangement" for the purposes of the Company Share Option Plan (CSOP) code.

• A non-UK company reorganisation arrangement is one made under the law of a territory outside the United Kingdom in relation to a company
• The arrangement must restructure the company's share capital by consolidating shares of different classes, dividing shares into different classes, or both
• The arrangement must be approved by a resolution of the company's members
• The resolution is only valid if members voting in favour represent more than 50% of the total voting rights of all members entitled to vote