Paragraph 105

Paragraph 1 (introduction) is amended as follows.

For sub-paragraphs (1) and (2) substitute—

“(A1)

For the purposes of the SAYE code an SAYE option scheme is a Schedule 3 SAYE option scheme if the requirements of Parts 2 to 7 of this Schedule are met in relation to the scheme.”

For sub-paragraph (4) substitute—

“(4)

Sub-paragraph (A1) is subject to Part 8 of this Schedule which—

(a)

requires notice of a scheme to be given to Her Majesty's Revenue and Customs (“HMRC”) in order for the scheme to be a Schedule 3 SAYE option scheme (see paragraph 40A(1)),

(b)

provides for a scheme in relation to which such notice is given to be a Schedule 3 SAYE option scheme (see paragraph 40A(4)), and

(c)

gives power to HMRC to enquire into a scheme and to decide that the scheme should not be a Schedule 3 SAYE option scheme (see paragraphs 40F to 40I).”