# Finance Act 2013, Paragraph 25


(1) In Part 7 of Schedule 3 (exercise of share options) paragraph 38 (exchange of options on company reorganisation) is amended as follows.
(2) In sub-paragraph (2)(c)—
(a) after “982” insert “ or 983 to 985 ”, and
(b) after “shareholder” insert “ etc ”.
(3) After sub-paragraph (2) insert—
“(2A) In sub-paragraph (2)(a)(i) the reference to the issued ordinary share capital of the scheme company does not include any capital already held by the person making the offer or a person connected with that person and in sub-paragraph (2)(a)(ii) the reference to the shares in the scheme company does not include any shares already held by the person making the offer or a person connected with that person.
(2B) For the purposes of sub-paragraph (2)(a)(i) and (ii) it does not matter if the general offer is made to different shareholders by different means.”
(4) A SAYE option scheme approved before the day on which this Act is passed which contains provision under paragraph 38 of Schedule 3 to ITEPA 2003 has effect with any modifications needed to reflect the amendments made by this paragraph.

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Source: https://www.legislation.gov.uk/ukpga/2013/29/schedule/2/paragraph/25 (the official version)
Page: https://openlegislation.uk/finance-act-2013/schedule-2/paragraph-25
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.