SCHEDULES
SCHEDULE 3Approved SAYE option schemes
Part 5Requirement for linked savings F12arrangement
Requirements as to linked savings F4arrangement : 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)
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Requirements as to contributions to savings F2arrangements
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 F9the 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 F8certified 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 F3arrangement : 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 F10certified 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 F11arrangement 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.
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)