Income Tax (Earnings and Pensions) Act 2003

Approved SAYE option schemes U.K.

71 (1) This paragraph applies where, immediately before 6th April 2003, a savings-related share option scheme was approved under Schedule 9 to ICTA (approved share option schemes and profit-sharing schemes). U.K.

(2) On and after that date the scheme is to be treated as an SAYE option scheme approved by [F1 an officer of Revenue and Customs] under Schedule 3 to this Act.

(3) Sub-paragraph (2) has effect even if the provisions of the scheme do not wholly conform with the provisions of Schedule 3 to this Act, but it has effect without prejudice to—

(a) paragraphs 42 and 43 of that Schedule (withdrawal or loss of approval), and

(b) any approved alteration of the scheme.

(4) For the purposes of paragraph 42 of Schedule 3, as it applies to the scheme, nothing is to be regarded as a disqualifying event if it would not have resulted in any of the former approval requirements ceasing to be met.

The “former approval requirements” means the requirements of Schedule 9 to ICTA by reference to which the scheme was approved.

(5) Nothing in this Act affects the validity of—

(a) any provision of the scheme which was included in it at any time before 6th April 2003 in accordance with the provisions of Schedule 9 to ICTA as then in force, or

(b) any rights obtained under the scheme which were obtained at any such time in accordance with the provisions of that Schedule as then in force.

(6) In this paragraph “savings-related share option scheme” has the meaning given by paragraph 1(1) of Schedule 9 to ICTA.

Textual Amendments

F1 Words 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)

72 (1) Any reference in the SAYE code to a share option granted in accordance with the provisions of an approved SAYE option scheme is to be read as including, in relation to times before 6th April 2003, a reference to a right to acquire shares obtained in accordance with the provisions of a savings-related share option scheme approved under Schedule 9 to ICTA. U.K.

(2) Any reference in a scheme within paragraph 71(1) to a person chargeable to tax under Case I of Schedule E is to be read as including, in relation to times after 5th April 2003, a reference to a person whose earnings fall within paragraph 6(2)(c) of Schedule 3 to this Act.

(3) This paragraph—

(a) is without prejudice to Part 1 of this Schedule, and

(b) applies only in so far as the context permits.

(4) In this paragraph “savings-related share option scheme” has the same meaning as in paragraph 71.