SCHEDULES
SCHEDULE 3Approved SAYE option schemes
Part 1Introduction
Approval of SAYE option schemes
1
1
This Schedule makes provision for the approval of SAYE option schemes by F41an officer of Revenue and Customs .
2
Parts 2 to 7 of this Schedule contain requirements that have to be met in order for schemes to be approved under this Schedule.
3
The requirements consist of general requirements (see Part 2) and requirements as to—
the eligibility of individuals to participate in a scheme (see Part 3),
the shares to which schemes can apply (see Part 4),
the existence of a linked F24savings arrangement (see Part 5),
the share options that may be granted under the scheme (see Part 6), and
the exchange of share options (see Part 7).
4
Part 8 of this Schedule deals with the approval of schemes and the withdrawal of approval.
SAYE option schemes
2
1
In the SAYE code an “SAYE option scheme” means (in accordance with section 516(4)) a scheme established by a company which provides—
a
for share options to be granted to employees and directors, and
b
for the shares acquired by the exercise of the share options to be paid for in the way mentioned in paragraph 24 (payments for shares to be linked to approved F25savings arrangements ).
2
In the SAYE code, in relation to an SAYE option scheme—
“participant” means an individual who has been granted (but has not yet exercised) share options under the scheme (“the options”);
“participate” means obtain and exercise share options under the scheme;
“the scheme organiser” means the company which has established the scheme.
Group schemes
3
1
An SAYE option scheme established by a company that controls one or more other companies (a “parent scheme company”) may extend to all or any of those other companies.
2
In the SAYE code an SAYE option scheme established by a parent scheme company which so extends is called a “group scheme”.
3
In relation to a group scheme a “constituent company” means—
a
the parent scheme company, or
b
any other company to which for the time being the scheme is expressed to extend.
4
Paragraph 46 deals with jointly owned companies and companies controlled by them.
Part 2General requirements for approval
General requirements for approval: introduction
4
An SAYE option scheme must meet the requirements of—
paragraph 5 (general restriction on contents of scheme),
paragraph 6 (all-employee nature of scheme),
paragraph 7 (participation on similar terms), and
paragraph 8 (no preferential treatment for directors and senior employees).
General restriction on contents of scheme
5
The scheme must not contain features which are neither essential nor reasonably incidental to the purpose of providing benefits for employees and directors in the nature of share options.
All-employee nature of scheme
6
1
The scheme must provide that every person who meets the conditions in sub-paragraph (2) is eligible to participate in the scheme.
2
A person (“E”) meets the conditions in this sub-paragraph if—
a
E is an employee or a full-time director of the scheme organiser or (in the case of a group scheme) of a constituent company,
b
E has been such an employee or director at all times during a qualifying period of not more than 5 years,
F63c
E's earnings from the office or employment within paragraph (a) are (or would be if there were any) general earnings to which section 15 applies (earnings for year when employee UK resident),
ca
those general earnings are (or would be if there were any) earnings for a tax year in which E is ordinarily resident in the United Kingdom, and
d
E is not ineligible under paragraph 11 (the “no material interest” requirement).
3
The scheme must not contain any feature which has or is likely to have the effect of discouraging any description of persons who—
a
meet the conditions in sub-paragraph (2), or
b
met those conditions before ceasing to be persons within sub-paragraph (2)(a),
from actually participating in the scheme.
4
Sub-paragraph (3) does not apply to any provision required or authorised by a provision of this Schedule.
Participation on similar terms
7
1
The requirements of this paragraph are—
a
that every person who meets the conditions in paragraph 6(2) (all-employee nature of scheme) must be eligible to participate in the scheme on similar terms, and
b
that every person who participates in the scheme must actually do so on similar terms.
2
The requirements of this paragraph are not infringed by the fact that the rights of those participating in the scheme to obtain and exercise share options vary according to—
a
the levels of their remuneration,
b
the length of their service, or
c
any similar factors.
No preferential treatment for directors and senior employees
8
1
The requirement of this paragraph is that, if the scheme organiser is a member of a group of companies, the scheme does not and is not likely to have the effect of conferring benefits wholly or mainly—
a
on directors of companies in the group, or
b
on employees of companies in the group who receive the higher or highest levels of remuneration.
2
“A group of companies” means a company and any other companies of which it has control.
Part 3Eligibility of individuals to participate in scheme
Requirements relating to the eligibility of individuals: introduction
9
An SAYE option scheme must meet the requirements of—
paragraph 10 (the employment requirement), and
paragraph 11 (the “no material interest” requirement).
The employment requirement
10
1
The scheme must ensure that an individual is not eligible to participate in the scheme at a particular time unless the individual is then a director or employee of—
a
the scheme organiser, or
b
in the case of a group scheme, a constituent company.
2
The requirement of this paragraph is not infringed by a provision of the scheme required or authorised by a provision of this Schedule.
The “no material interest” requirement
11
1
The scheme must ensure that an individual is not eligible to participate in the scheme on any date if the individual has on that date, or has had within the 12 months ending with that date, a material interest in a close company—
a
whose shares may be acquired as a result of exercising share options granted under the scheme, or
b
which has control of a company whose shares may be acquired as a result of exercising share options granted under the scheme, or
c
which is a member of a consortium which owns a company within paragraph (b).
2
For the purposes of this paragraph an individual is to be regarded as having a material interest in a company if—
a
the individual, or
b
the individual together with one or more of the individual’s associates, or
c
any such associate, with or without any other such associates,
has a material interest in the company.
3
This paragraph is supplemented—
a
as regards the meaning of “material interest”, by paragraphs 12 and 13, and
b
as regards the meaning of “associate”, by paragraph 14 (read with paragraphs 15 and 16).
4
In this paragraph and paragraph 12 “close company” includes a company that would be a close company but for—
a
F70section 442(a) of CTA 2010 (exclusion of companies not resident in the United Kingdom), or
b
F71sections 446 and 447 of CTA 2010 (exclusion of certain quoted companies).
Meaning of “material interest”
12
1
In paragraph 11 (the “no material interest” requirement) references to a “material interest” in a company are to—
a
a material interest in the share capital of the company, or
b
a material interest in its assets.
2
A material interest in the share capital of a company means—
a
beneficial ownership of, or
b
the ability to control (directly or through the medium of other companies or by any other indirect means),
more than 25% of the ordinary share capital of the company.
3
A material interest in the assets of a company means—
a
possession of, or
b
an entitlement to acquire,
such rights as would, in the event of the winding up of the company or in any other circumstances, give an entitlement to receive more than 25% of the assets that would then be available for distribution among the participators.
4
In this paragraph “participator” has the meaning given by F72section 454 of CTA 2010.
5
This paragraph is supplemented by paragraph 13 (material interest: options etc.).
Material interest: options and interests in SIPs
13
1
For the purposes of paragraph 12 (meaning of “material interest”) a right to acquire shares (however arising) is to be treated as a right to control them.
2
Sub-paragraph (3) also applies for the purposes of paragraph 12 in a case where—
a
the shares to be attributed to an individual consist of or include shares which the individual or another person has a right to acquire, and
b
the circumstances are such that, if that right were to be exercised, the shares acquired would be shares which were previously unissued and which the company would be contractually bound to issue in the event of the exercise of the right.
3
In determining at any time prior to the exercise of the right whether the number of shares to be attributed to the individual exceeds 25% of the ordinary share capital of the company, that ordinary share capital is to be treated as increased by the number of unissued shares referred to in sub-paragraph (2)(b).
4
The references in sub-paragraphs (2) and (3) to the shares to be attributed to an individual are to the shares which—
a
for the purposes of paragraph 12(2) (material interest in share capital), and
b
in accordance with paragraph 11(2) (material interest can consist of or include that of individual’s associates),
fall to be brought into account in the individual’s case so that it can be determined whether their number exceeds 25% of the company’s ordinary share capital.
5
In applying paragraph 12 the following are to be disregarded—
a
the interest of the trustees of any approved SIP (within the meaning of the SIP code: see section 488(4)) in any shares which are held by them in accordance with the plan but which have not been appropriated to, or acquired on behalf of, an individual, and
b
any rights exercisable by the trustees as a result of that interest.
Meaning of “associate”
14
1
In paragraph 11(2) (the “no material interest” requirement) “associate”, in relation to an individual, means—
a
any relative or partner of that individual,
b
the trustee or trustees of any settlement in relation to which that individual, or any of the individual’s relatives (living or dead), is or was a settlor, or
c
where that individual is interested in any shares or obligations of the company mentioned in paragraph 11(2) which are subject to any trust or are part of the estate of a deceased person—
i
the trustee or trustees of the settlement concerned, or
ii
the personal representatives of the deceased,
as the case may be.
2
Sub-paragraph (1)(c) needs to be read with paragraphs 15 and 16 (which relate to employee benefit trusts and discretionary trusts).
3
In this paragraph—
Meaning of “associate”: trustees of employee benefit trust
15
1
This paragraph applies for the purposes of paragraph 14(1)(c) (meaning of “associate”: trustees of settlement) where the individual is interested as a beneficiary of an employee benefit trust in shares or obligations of the company mentioned in paragraph 11(2).
2
The trustees of the employee benefit trust are not to be regarded as associates of the individual as a result only of the individual’s being so interested if neither—
a
the individual, nor
b
the individual together with one or more of the individual’s associates, nor
c
any such associate, with or without any other such associates,
has at any time after 13th March 1989 been the beneficial owner of, or been able (directly or through the medium of other companies or by any other indirect means) to control, more than 25% of the ordinary share capital of the company.
3
In sub-paragraph (2)(b) and (c) “associate” has the meaning given by paragraph 14(1), but does not include the trustees of an employee benefit trust as a result only of the individual’s having an interest in shares or obligations of the trust.
4
Chapter 11 of Part 7 of this Act (which deals with the attribution of interests in companies to beneficiaries of employee benefit trusts) applies for the purposes of sub-paragraph (2).
5
In this paragraph “employee benefit trust” has the same meaning as in that Chapter (see sections 550 and 551).
Meaning of “associate”: trustees of discretionary trust
16
1
This paragraph applies for the purposes of paragraph 14(1)(c) (meaning of “associate”: trustees of settlement) where—
a
the individual (“the beneficiary”) is one of the objects of a discretionary trust,
b
the property subject to the trust has at any time consisted of, or included, shares or obligations of the company mentioned in paragraph 11(2),
c
the beneficiary has ceased to be eligible to benefit under the trust as a result of—
i
an irrevocable disclaimer or release executed by the beneficiary, or
ii
the irrevocable exercise by the trustees of a power to exclude the beneficiary from the objects of the trust,
d
immediately after the beneficiary ceased to be so eligible, no associate of the beneficiary was interested in the shares or obligations of the company that were subject to the trust, and
e
during the period of 12 months ending with the date on which the beneficiary ceased to be so eligible, neither the beneficiary nor any associate of the beneficiary received any benefit under the trust.
2
The beneficiary is not, as a result only of the matters referred to in sub-paragraph (1)(a) and (b), to be regarded as having been interested in the shares or obligations of the company at any time during that period of 12 months.
3
In sub-paragraph (1) “associate” has the meaning given by paragraph 14(1) but with the omission of paragraph (c).
Part 4Shares to which schemes can apply
Requirements as to listing
19
1
Eligible shares must be—
a
shares of a class listed on a recognised stock exchange,
b
shares in a company which is not under the control of another company, or
c
shares in a company which is under the control of a listed company.
2
A “listed company” is a company whose shares are listed on a recognised stock exchange, other than—
a
a close company, or
b
a company that would be a close company if resident in the United Kingdom.
Only certain kinds of restriction allowed
21
1
Eligible shares must not be subject to any restrictions (see sub-paragraph (4)) other than—
a
those attaching to all shares of the same class, or
b
those permitted by sub-paragraph (2).
2
If the conditions of sub-paragraph (3) are met, eligible shares may be subject to a restriction imposed by the company’s articles of association—
a
requiring all shares held by directors or employees—
i
of the company, or
ii
of any other company of which it has control,
to be disposed of, or offered for sale, on ceasing to be so held, and
b
requiring all shares acquired, as a result of rights or interests obtained by such directors or employees, by persons who—
i
are not such directors or employees, or
ii
have ceased to be such directors or employees,
to be disposed of, or offered for sale, when they are acquired.
3
The conditions of this sub-paragraph are—
a
that a disposal required by the restriction will be by way of sale for a consideration in money on terms specified in the articles of association, and
b
that under general conditions contained in the articles of association anyone disposing of shares of the same class (whether or not held or acquired as mentioned in sub-paragraph (2)) may be required to sell them on terms which are the same as those mentioned in paragraph (a).
4
For the purposes of this paragraph shares are subject to a restriction if there is any contract, agreement, arrangement or condition—
a
by which a person’s freedom to dispose of the shares or of any interest in them or of the proceeds of their sale, or to exercise any right conferred by them, is restricted, or
b
by which such a disposal or exercise may result in any disadvantage to the person or to a person connected with the person.
This is subject to sub-paragraphs (5) and (6).
5
Sub-paragraph (4) does not extend to so much of any contract, agreement, arrangement or condition as contains provisions similar in purpose and effect to any of the provisions of the Model Code as (for the time being) set out in the listing rules issued by the competent authority for listing in the United Kingdom under section 74(4) of the Financial Services and Markets Act 2000 (c. 8).
6
Any discretion of the directors under the articles of association of the company to refuse to accept the transfer of shares is to be disregarded for the purposes of this paragraph if the directors—
a
have undertaken to F41an officer of Revenue and Customs not to exercise it in such a way as to discriminate against persons participating in the scheme, and
b
have notified all those who are eligible to do so of the existence of the undertaking.
7
In this paragraph “articles of association” includes, in the case of a company incorporated under the law of a country outside the United Kingdom, any equivalent document relating to the company.
Part 5Requirement for linked savings F23arrangement
Requirements as to linked savings F13arrangement : introduction
Word in Sch. 3 para. 23 heading substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 618(5)(a) (with Sch. 2)
23
Requirements as to contributions to savings F11arrangements
Word in Sch. 3 para. 25 heading substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 618(8)(a) (with Sch. 2)
25
1
The scheme must provide for a person’s contributions under the F18the approved savings arrangement to be of an amount that will secure, as nearly as possible, repayment of an amount equal to the option price.
2
The “option price” means the amount payable, on exercising share options granted under the scheme, in order to acquire the maximum number of shares that may be acquired under them (see paragraph 28).
3
The scheme must neither—
a
permit the aggregate amount of a person’s contributions under F17certified SAYE savings arrangements linked to approved SAYE option schemes to exceed £250 per month, nor
b
impose a minimum on the amount of a person’s contributions which exceeds £10 per month.
4
The Treasury may by order amend sub-paragraph (3) by substituting for any amount for the time being specified there an amount specified in the order.
Repayments under a savings F12arrangement : whether bonuses included
Word in Sch. 3 para. 26 heading substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 618(9)(a) (with Sch. 2)
26
1
For the purposes of this Schedule repayments under a F19certified SAYE savings arrangement may be taken as including, or as not including, a bonus.
2
The bonus may either be the maximum bonus under that F20arrangement or a lesser bonus.
3
An SAYE option scheme must require the question whether repayments are to be taken as including bonuses to be determined at the time when share options are granted.
Part 6Requirements etc. relating to share options
Time for exercising options: general
30
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 32 to 34 and 37 (exercise of options in the event of death, reaching the specified age without retiring, 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 F28the 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.
Requirement to have a “specified age”
31
1
The scheme must specify the age that is to be the specified age for the purposes of the scheme (see paragraphs 33(1) and 34(2)).
2
The age specified must be—
a
the same for men and women,
b
not less than 60, and
c
not more than 75.
Exercise of options: death
32
The scheme must provide that, if a participant dies before exercising the options, they may be exercised on or after the date of death but not later than—
a
12 months after the date of death, in a case where the participant dies before the bonus date, or
b
12 months after the bonus date, in a case where the participant dies on or within 6 months after that date.
Exercise of options: reaching specified age without retiring
33
1
The scheme must provide that, if a participant (“P”) continues to hold the office or employment by reference to which P satisfies the condition in paragraph 10(1) (the employment requirement) after the date on which P reaches the specified age, P may exercise the options within 6 months of that date.
2
This paragraph has effect subject to paragraph 30(1)(b) (options must not be capable of being exercised later than 6 months after bonus date).
Exercise of options: employment in associated company at bonus date
36
The scheme may provide that if at the bonus date a participant holds an office or employment in a company which is—
a
an associated company of the scheme organiser, but
b
not a constituent company,
the options may be exercised within 6 months after that date.
Exercise of options: company events
37
1
The scheme may provide that share options relating to shares in a company may be exercised within 6 months after the relevant date for the purposes of sub-paragraph (2), (4) or (5).
2
The relevant date for the purposes of this sub-paragraph is the date when—
a
a person has obtained control of the company as a result of making an offer falling within sub-paragraph (3), and
b
any condition subject to which the offer is made has been satisfied.
3
An offer falls within this sub-paragraph if it is—
a
a general offer to acquire the whole of the issued ordinary share capital of the company, which is made on a condition such that, if it is met, the person making the offer will have control of the company, or
b
a general offer to acquire all the shares in the company which are of the same class as the shares in question obtained under the scheme.
4
The relevant date for the purposes of this sub-paragraph is the date when the court sanctions under F61section 899 of the Companies Act 2006 (court sanction for compromise or arrangement) a compromise or arrangement proposed for the purposes of or in connection with a scheme for the reconstruction or amalgamation of the company.
5
The relevant date for the purposes of this sub-paragraph is the date when the company passes a resolution for voluntary winding up.
6
The scheme may provide that share options relating to shares in a company may be exercised at any time when any person is bound or entitled to acquire shares in the company under F60sections 979 to 982 of the Companies Act 2006 (takeover offers: right of offeror to buy out minority shareholder).
7
For the purposes of this paragraph—
a
“share options” means share options granted under the scheme; and
b
a person is to be treated as obtaining control of a company if that person and others acting in concert together obtain control of it.
8
This paragraph has effect subject to paragraph 30(1)(b) (options must not be capable of being exercised later than 6 months after bonus date).
Part 7Exchange of share options
Exchange of options on company reorganisation
38
1
An SAYE option scheme may provide that if—
a
there is a company reorganisation affecting a scheme company (that is, a company whose shares may be acquired by the exercise of share options obtained under the scheme: see paragraph 18), and
b
a participant has obtained share options under the scheme which are to acquire shares of the scheme company (“the old options”),
the participant may agree with the acquiring company to release the old options in consideration of the participant being granted new share options.
2
For the purposes of this paragraph there is a company reorganisation affecting a scheme company if another company (“the acquiring company”)—
a
obtains control of the scheme company—
i
as a result of making a general offer to acquire the whole of the issued ordinary share capital of the scheme company which is made on a condition such that, if it is met, the person making the offer will have control of that company, or
ii
as a result of making a general offer to acquire all the shares in the scheme company which are of the same class as those subject to the old options;
F62b
obtains control of the scheme company as a result of a compromise or arrangement sanctioned by the court under section 899 of the Companies Act 2006 (court sanction for compromise or arrangement); or
c
becomes bound or entitled to acquire shares in the scheme company under sections 979 to 982 of that Act (takeover offers: right of offeror to buy out minority shareholder).
3
A scheme that makes provision under sub-paragraph (1) must require the agreement referred to in that sub-paragraph to be made—
a
where control is obtained in the way set out in sub-paragraph (2)(a)(i) or (ii), within the period of 6 months beginning with the time when the acquiring company obtains control and any condition subject to which the offer is made is met,
b
where control is obtained in the way set out in sub-paragraph (2)(b), within the period of 6 months beginning with the time when the court sanctions the compromise or arrangement, and
c
where sub-paragraph (2)(c) applies, within the period during which the acquiring company remains bound or entitled as mentioned in that provision.
Part 8Approval of schemes
Application for approval
40
1
Where—
a
an SAYE option scheme has been established, and
b
the scheme organiser makes an application to F41an officer of Revenue and Customs for approval of the scheme,
2
An application for approval—
a
must be in writing, and
b
must contain such particulars and be supported by such evidence as F41an officer of Revenue and Customs may require.
3
Appeal against refusal of approval
41
1
2
3
4
The date so specified must not be earlier than that of the application for approval.
Withdrawal of approval
42
1
If any disqualifying event occurs in connection with an approved SAYE option scheme, F41an officer of Revenue and Customs may by a notice given to the scheme organiser withdraw the approval with effect from—
a
the time at which the disqualifying event occurred, or
b
a later time specified by F41an 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;
F8aa
an alteration is made in a key feature of the scheme without the approval of F41an officer of Revenue and Customs ; or
b
the scheme organiser fails to provide information requested by F41an officer of Revenue and Customs under paragraph 45.
F72A
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
F1b
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.
F2Notice of decision about alteration
Sch. 3 para. 43 and crossheading substituted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 21 para. 12(4)
43
Where F41an officer of Revenue and Customs —
a
F37has been requested to approve any alteration in a SAYE option scheme that has been approved, and
b
F37has decided whether or not to approve the alteration,
Appeal against withdrawal of approval etc.
44
1
This paragraph applies if an SAYE option scheme has been approved by F41an officer of Revenue and Customs and F38the officer —
a
F39decides to withdraw approval of the scheme under paragraph 42, or
2
The scheme organiser may appeal against the decision F69....
3
Part 9Supplementary provisions
Power to require information
45
1
F41An officer of Revenue and Customs may by notice require any person to provide F42the officer with any information—
a
b
which the person to whom the notice is addressed has or can reasonably obtain.
2
The power conferred by this paragraph extends, in particular, to—
a
information to enable F41an officer of Revenue and Customs —
i
to decide whether to approve an SAYE option scheme or to withdraw an approval already given, or
ii
to determine the liability to tax, including capital gains tax, of any person who has participated in a scheme, and
b
information about the administration of a scheme and any alteration of the terms of a scheme.
3
The notice must require the information to be provided within a specified time, which must not end earlier than 3 months after the date when the notice is given.
Jointly owned companies
46
1
This paragraph applies for the purposes of the provisions of the SAYE code relating to group schemes.
2
Each joint owner of a jointly owned company is to be treated as controlling every company within sub-paragraph (3).
3
The companies within this sub-paragraph are—
a
the jointly owned company, and
b
any company controlled by that company.
4
However, no company within sub-paragraph (3) may be—
a
a constituent company in more than one group scheme, or
b
a constituent company in a particular group scheme if another company within that sub-paragraph is a constituent company in a different group scheme.
5
In this paragraph a “jointly owned company” means a company which (apart from sub-paragraph (2)) is not controlled by any one person and—
a
of which 50% of the issued share capital is owned by one person and 50% by another, or
b
which is otherwise controlled by two persons taken together.
6
In this paragraph “joint owner” means one of the persons mentioned in sub-paragraph (5)(a) or (b).
Meaning of “associated company”
47
1
For the purposes of the SAYE code, except in paragraph 35(3) (time when “scheme-related employment” ends), one company is an “associated company” of another company at a given time if, at that time or at any other time within one year previously—
a
one has control of the other, or
b
both are under the control of the same person or persons.
2
For the purposes of sub-paragraph (1) the question whether a person controls a company is to be determined in accordance with F74sections 450 and 451 of CTA 2010.
Minor definitions
48
1
In the SAYE code—
“F21certified SAYE savings arrangement” has the meaning given in F22section 703(1) of ITTOIA 2005 ;
“company” means a body corporate;
“market value” has the same meaning as it has for the purposes of TCGA 1992 by virtue of Part 8 of that Act.
2
For the purposes of the SAYE code a company is a member of a consortium owning another company if it is one of a number of companies—
a
which between them beneficially own not less than 75% of the other company’s ordinary share capital, and
b
each of which beneficially owns not less than 5% of that capital.
Index of defined expressions
49
In the SAYE code the following expressions are defined or otherwise explained by the provisions indicated below:
approved | section 516(4) (and see paragraph 42(3)) |
associated company | paragraph 47(1) |
the bonus date | paragraph 30(3) |
F29certified SAYE savings arrangement | paragraph 48(1) |
child | F51section 721(6) |
close company | F52section 989 of ITA 2007, (and see paragraph 11(4)) |
company | paragraph 48(1) |
connected person | section 718 |
constituent company | paragraph 3(3) |
control | section 719 (and see paragraphs 35(4) and 47(2)) |
distribution | F53section 989 of ITA 2007 |
earnings | section 62 and see section 721(7) |
eligible shares (in Part 4 of this Schedule) | paragraph 17(2) |
employee and employment | section 4 |
group scheme | paragraph 3(2) (and see paragraph 46) |
F50. . . | F50. . . |
F54. . . | F54. . . |
market value | paragraph 48(1) |
member of a consortium | paragraph 48(2) |
notice | F55section 989 of ITA 2007 |
the options (in relation to a participant) | paragraph 2(2) |
ordinary share capital | F56section 989 of ITA 2007 |
participant | paragraph 2(2) |
participate | paragraph 2(2) |
personal representatives | F57section 989 of ITA 2007 |
recognised stock exchange | F58section 1005 of ITA 2007 |
the SAYE code | section 516(3) |
SAYE option scheme | section 516(4) |
the scheme organiser | paragraph 2(2) |
share option | section 516(4) |
shares | section 516(4) |
F67. . . | F67. . . |
specified age | paragraph 31 |
tax | F75section 989 of ITA 2007 |
F68tribunal | section 989 of ITA 2007 |
F59. . . | F59. . . |
Word in Sch. 3 Pt. 5 heading substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 618(5)(a) (with Sch. 2)