Paragraph 20

Paragraph 19 of Schedule 3 to ITEPA 2003 (SAYE option schemes: requirements as to listing) is amended as follows.

In sub-paragraph (1), omit the “or” at the end of paragraph (b) and after that paragraph insert—

“(ba)

shares in a company which is subject to an employee-ownership trust (within the meaning of paragraph 27(4) to (6) of Schedule 2), or”.

After sub-paragraph (2) insert—

“(3)

But a company is not a close company for the purposes of sub-paragraph (2) if it is subject to an employee-ownership trust (within the meaning of paragraph 27(4) to (6) of Schedule 2).”

The amendments made by this paragraph come into force on 1 October 2014.