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Income Tax (Earnings and Pensions) Act 2003, Part 8 is up to date with all changes known to be in force on or before 27 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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40(1)Where—U.K.
(a)an SAYE option scheme has been established, and
(b)the scheme organiser makes an application to [F1an officer of Revenue and Customs] for approval of the scheme,
[F1an officer of Revenue and Customs] must approve the scheme if [F2the officer] [F3is] satisfied that it meets the requirements of Parts 2 to 7 of this Schedule.
(2)An application for approval—
(a)must be in writing, and
(b)must contain such particulars and be supported by such evidence as [F1an officer of Revenue and Customs] may require.
(3)Once [F1an officer of Revenue and Customs] [F4has] decided whether or not to approve the scheme, [F5the officer] must give notice of [F6the] decision to the scheme organiser.
Textual Amendments
F1Words in Act substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 102(1); S.I. 2005/1126, art. 2(2)(h)
F2Words in Sch. 3 para. 40(1) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(1)(n); S.I. 2005/1126, art. 2(2)(h)
F3Word in Sch. 3 para. 40(1) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 122(a)(i); S.I. 2005/1126, art. 2(2)(h)
F4Word in Sch. 3 para. 40(3) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 122(a)(ii); S.I. 2005/1126, art. 2(2)(h)
F5Words in Sch. 3 para. 40(3) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(1)(n); S.I. 2005/1126, art. 2(2)(h)
F6Words in Sch. 3 para. 40(3) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(3)(d); S.I. 2005/1126, art. 2(2)(h)
41(1)If [F1an officer of Revenue and Customs] [F7refuses] to approve the scheme, the scheme organiser may appeal to the Special Commissioners.U.K.
(2)The notice of appeal must be given to [F1an officer of Revenue and Customs ] within 30 days after the date on which notice of [F8the officer's] decision was given to the scheme organiser.
(3)If the Special Commissioners allow the appeal, they may direct [F1an officer of Revenue and Customs] to approve the scheme with effect from a date specified by the Commissioners.
(4)The date so specified must not be earlier than that of the application for approval.
Textual Amendments
F1Words in Act substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 102(1); S.I. 2005/1126, art. 2(2)(h)
F7Word in Sch. 3 para. 41(1) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 122(b); S.I. 2005/1126, art. 2(2)(h)
F8Words in Sch. 3 para. 41(2) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(2)(d); S.I. 2005/1126, art. 2(2)(h)
42(1)If any disqualifying event occurs in connection with an approved SAYE option scheme, [F1an officer of Revenue and Customs] may by a notice given to the scheme organiser withdraw the approval with effect from—U.K.
(a)the time at which the disqualifying event occurred, or
(b)a later time specified by [F1an officer of Revenue and Customs] in the notice.
(2)A “disqualifying event” occurs in connection with a scheme if—
(a)any of the requirements of Parts 2 to 7 of this Schedule ceases to be met;
[F9(aa)an alteration is made in a key feature of the scheme without the approval of [F1an officer of Revenue and Customs] ;] or
(b)the scheme organiser fails to provide information requested by [F1an officer of Revenue and Customs] under paragraph 45.
[F10(2A)For the purposes of sub-paragraph (2)(aa) [F1an officer of Revenue and Customs] may not withhold F11... approval unless it appears to [F12the officer] at the time in question that the scheme as proposed to be altered would not then be approved on an application under paragraph 40.
(2B)For the purposes of that sub-paragraph a “key feature” of a scheme is a provision of the scheme which is necessary in order to meet the requirements of this Schedule.]
(3)If share options granted under an SAYE option scheme before the withdrawal of approval under this paragraph are exercised after the withdrawal, the scheme is to be treated for the purposes of—
(a)section 519 (exemption in respect of exercise of share option), and
[F13(b)section 421G(b) (exemption from Chapters 2 to 4 of Part 7),]
in their application to such options, as if it were still approved at the time of the exercise.
Textual Amendments
F1Words in Act substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 102(1); S.I. 2005/1126, art. 2(2)(h)
F9Sch. 3 para. 42(2)(aa) inserted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 21 para. 12(2)
F10Sch. 3 para. 42(2A)(2B) inserted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 21 para. 12(3)
F11Word in Sch. 3 para. 42(2A) repealed (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(4)(b), Sch. 5; S.I. 2005/1126, art. 2(2)(h)(i)
F12Words in Sch. 3 para. 42(2A) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(1)(o); S.I. 2005/1126, art. 2(2)(h)
F13Sch. 3 para. 42(3)(b) substituted (with effect in accordance with Sch. 22 para. 44(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 44(1)
Textual Amendments
F14Sch. 3 para. 43 and crossheading substituted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 21 para. 12(4)
43U.K.Where [F1an officer of Revenue and Customs] —
(a)[F15has] been requested to approve any alteration in a SAYE option scheme that has been approved, and
(b)[F15has] decided whether or not to approve the alteration,
[F16the officer] must give notice of [F17the] decision to the scheme organiser.]
Textual Amendments
F1Words in Act substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 102(1); S.I. 2005/1126, art. 2(2)(h)
F15Word in Sch. 3 para. 43 substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 122(c); S.I. 2005/1126, art. 2(2)(h)
F16Words in Sch. 3 para. 43 substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(1)(p); S.I. 2005/1126, art. 2(2)(h)
F17Words in Sch. 3 para. 43 substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(3)(e); S.I. 2005/1126, art. 2(2)(h)
44(1)This paragraph applies if an SAYE option scheme has been approved by [F1an officer of Revenue and Customs] and [F18the officer] —U.K.
(a)[F19decides] to withdraw approval of the scheme under paragraph 42, or
[F20(b)[F19decides] to refuse approval under paragraph 42(2)(aa).]
(2)The scheme organiser may appeal against the decision to the Special Commissioners.
(3)The notice of appeal must be given to [F1an officer of Revenue and Customs] within 30 days after the date on which notice of [F21the officer's] decision was given to the scheme organiser.
Textual Amendments
F1Words in Act substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 102(1); S.I. 2005/1126, art. 2(2)(h)
F18Words in Sch. 3 para. 44(1) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(1)(q); S.I. 2005/1126, art. 2(2)(h)
F19Word in Sch. 3 para. 44(1) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 122(d); S.I. 2005/1126, art. 2(2)(h)
F20Sch. 3 para. 44(1)(b) substituted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 21 para. 12(5)
F21Words in Sch. 3 para. 44(3) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(2)(e); S.I. 2005/1126, art. 2(2)(h)
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