Paragraph 30

United Kingdom

(1)

The scheme must ensure that share options granted under it must not be capable of being exercised—

(a)

before the bonus date, or

(b)

later than 6 months after that date.

(2)

However, in sub-paragraph (1)—

(a)

paragraph (a) is subject to paragraphs F132, 34 and 37 (exercise of options in the event of death, F2... scheme-related employment ending or certain events occurring in relation to the company), and

(b)

paragraph (b) is subject to paragraph 32.

(3)

In the SAYE code “the bonus date” means the date on which repayments under F3the approved savings arrangement are due.

(4)

For this purpose repayments are to be regarded as due as follows—

(a)

if the repayments are to be taken as including the maximum bonus (see paragraph 26(2)), on the earliest date on which that bonus is payable, and

(b)

in any other case, on the earliest date on which a bonus is payable.

Annotations

Textual amendments

F1: Word in Sch. 3 para. 30(2)(a) substituted (17.7.2013) by Finance Act 2013 (c. 29), Sch. 2 para. 9(a) (with Sch. 2 paras. 16, 17)
F2: Words in Sch. 3 para. 30(2)(a) omitted (17.7.2013) by virtue of Finance Act 2013 (c. 29), Sch. 2 para. 9(b) (with Sch. 2 paras. 16, 17)
F3: Words in Sch. 3 para. 30(3) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 618(10) (with Sch. 2)

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)