Paragraph 23

(1)

Paragraph 34 (exercise of options: scheme-related employment ends) is amended as follows.

(2)

In sub-paragraph (2)—

(a)

omit the “or” after paragraph (a), and

(b)

after paragraph (b) insert—

“(c)
a relevant transfer within the meaning of the Transfer of Undertakings (Protection of Employment) Regulations 2006, or
(d)
if P holds office or is employed in a company which is an associated company (as defined in paragraph 35(4)) of the scheme organiser, that company ceasing to be an associated company of the scheme organiser by reason of a change of control (as determined in accordance with sections 450 and 451 of CTA 2010),”.

(3)

In sub-paragraphs (4) and (5A)(b) for “or (b)” substitute “ to (d) ”.

(4)

A SAYE option scheme approved before the day on which this Act is passed has effect with any modifications needed to reflect the amendments made by this paragraph.