SCHEDULES

SCHEDULE 3... SAYE option schemes

F1PART 8Notification of schemes, annual returns and enquiries

Notice of scheme to be given to HMRC

40A

(1)

For an SAYE option scheme to be a Schedule 3 SAYE option scheme, notice of the scheme must be given to Her Majesty's Revenue and Customs (“HMRC”).

(2)

The notice must—

(a)

be given by the scheme organiser,

(b)

contain, or be accompanied by, such information as HMRC may require, and

(c)

contain a declaration within sub-paragraph (3) made by such persons as HMRC may require.

(3)

A declaration within this sub-paragraph is a declaration—

(a)

that the requirements of Parts 2 to 7 of this Schedule are met in relation to the scheme, and

(b)

if the declaration is made after the first date on which share options are granted under the scheme (“the first grant date”), that those requirements—

(i)

were met in relation to those grants of share options, and

(ii)

have otherwise been met in relation to the scheme at all times on or after the first grant date when share options granted under the scheme are outstanding.

(4)

If notice is given under this paragraph in relation to an SAYE option scheme, for the purposes of the SAYE code the scheme is to be a Schedule 3 SAYE option scheme at all times on and after the relevant date (but not before that date).

(5)

But if the notice is given after the initial notification deadline, the scheme is to be a Schedule 3 SAYE option scheme only from the beginning of the relevant tax year.

(6)

For the purposes of this Part—

  • “the initial notification deadline” is 6 July in the tax year following that in which the first grant date falls,

  • “outstanding”, in relation to a share option, means that the option—

    1. (a)

      has not been exercised, but

    2. (b)

      is capable of being exercised in accordance with the scheme (whether on the meeting of any condition or otherwise),

  • “the relevant date” is—

    1. (a)

      the date on which the declaration within sub-paragraph (3) is made, or

    2. (b)

      if that declaration is made after the first grant date, the first grant date, and

  • “the relevant tax year” is—

    1. (a)

      the tax year in which the notice under this paragraph is given, or

    2. (b)

      if that notice is given on or before 6 July in that tax year, the preceding tax year.

(7)

Sub-paragraph (4) is subject to the following paragraphs of this Part.