OpenLegislation

Paragraph 163

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

Amend Schedule 5 (employee share ownership trusts) as follows.

(2)

In paragraph 4(2A) (beneficiaries)—

(a)

for “a savings-related share option scheme within the meaning of Schedule 9 to the Taxes Act 1988” substitute “ an SAYE option scheme ”, and

(b)

in paragraph (b), for “that Schedule” substitute “ Schedule 3 to the Income Tax (Earnings and Pensions) Act 2003 ”.

(3)

In paragraph 9(2ZA)(b) (transfers of securities on qualifying terms)—

(a)

for “a savings-related share option scheme within the meaning of Schedule 9 to the Taxes Act 1988” substitute “ an SAYE option scheme ”, and

(b)

in sub-paragraph (ii), for “that Schedule” substitute “ Schedule 3 to the Income Tax (Earnings and Pensions) Act 2003 ”.

(4)

In paragraph 10 (other features)—

(a)

for “savings-related share option schemes approved under Schedule 9 to the Taxes Act 1988” substitute “ SAYE option schemes approved under Schedule 3 to the Income Tax (Earnings and Pensions) Act 2003 ”; and

(b)

for “that Schedule” substitute “ Schedule 9 to the Taxes Act 1988 ”.

(5)

After paragraph 17 insert—

“18

For the purposes of this Schedule “SAYE option scheme” has the same meaning as in the SAYE code (see section 516 of the Income Tax (Earnings and Pensions) Act 2003 (approved SAYE option schemes)).”