Withdrawal of approvalU.K.
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;
[F2(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.
[F3(2A)For the purposes of sub-paragraph (2)(aa) [F1an officer of Revenue and Customs] may not withhold F4... approval unless it appears to [F5the 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
[F6(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)
F2Sch. 3 para. 42(2)(aa) inserted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 21 para. 12(2)
F3Sch. 3 para. 42(2A)(2B) inserted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 21 para. 12(3)
F4Word in Sch. 3 para. 42(2A) repealed (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(4)(b), Sch. 5; S.I. 2005/1126, art. 2(2)(h)(i)
F5Words 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)
F6Sch. 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)