SCHEDULES
SCHEDULE 3F2... SAYE option schemes
Part 6Requirements etc. relating to share options
Time when scheme-related employment ends
35
1
This paragraph applies for the purposes of paragraph 34 (exercise of options: scheme-related employment ends).
2
Unless sub-paragraph (3) applies, a participant (“P”) is to be regarded as ceasing to hold scheme-related employment on the date when the office or employment in question terminates.
3
If—
a
P’s scheme-related employment terminates, but
b
P continues to hold an office or employment in the scheme organiser or any associated company,
P is to be regarded as ceasing to hold the scheme-related employment on the date when P no longer holds any office or employment within paragraph (b), and not at any earlier time.
4
For the purposes of sub-paragraph (3) one company is an “associated company” of another company if—
a
one has control of the other, or
b
both are under the control of the same person or persons;
and for this purpose the question of whether a person controls a company is to be determined in accordance with F1sections 450 and 451 of CTA 2010 (“control” in the context of close companies).
5
Nothing in paragraph 34 or this paragraph applies where a person’s scheme-related employment terminates on that person’s death (see instead paragraph 32).
6
In this paragraph “scheme-related employment” has the same meaning as in paragraph 34.
Word in Sch. 3 title omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 103, 146 (with Sch. 8 paras. 147-157)