Income Tax (Earnings and Pensions) Act 2003

Approval of SAYE option schemes U.K.

1 (1) This Schedule makes provision for the approval of SAYE option schemes by [F1 an officer of Revenue and Customs] . U.K.

(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 [F2 savings 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.

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)

F2 Words in Sch. 3 para. 1(3) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 618(2) (with Sch. 2)