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 the Inland Revenue.

(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 savings scheme (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.