Paragraph 1

United Kingdom

F1(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.

(3)

The requirements consist of general requirements (see Part 2) and requirements as to—

the eligibility of individuals to participate in a scheme (see Part 3),
the shares to which schemes can apply (see Part 4),
the existence of a linked F2savings arrangement (see Part 5),
the share options that may be granted under the scheme (see Part 6), and
the exchange of share options (see Part 7).

F3(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).

Annotations

Textual amendments

F1: Sch. 3 para. 1(A1) substituted for Sch. 3 para. 1(1)(2) (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 105(2), 146 (with Sch. 8 paras. 147-157)
F2: Words in Sch. 3 para. 1(3) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 618(2) (with Sch. 2)
F3: Sch. 3 para. 1(4) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 105(3), 146 (with Sch. 8 paras. 147-157)

Notes on Schedule 3

Textual amendments

F1: Word in Sch. 3 title omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 103, 146 (with Sch. 8 paras. 147-157)

Notes on Introduction to Schedule 3 SAYE option schemes

Textual amendments

F1: Words in Sch. 3 para. 1 cross-heading substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 104, 146 (with Sch. 8 paras. 147-157)