SCHEDULES

SCHEDULE 3Approved SAYE option schemes

Part 8Approval of schemes

Application for approval

40

1

Where—

a

an SAYE option scheme has been established, and

b

the scheme organiser makes an application to F17an officer of Revenue and Customs for approval of the scheme,

F17an officer of Revenue and Customs must approve the scheme if F6the officerF7is satisfied that it meets the requirements of Parts 2 to 7 of this Schedule.

2

An application for approval—

a

must be in writing, and

b

must contain such particulars and be supported by such evidence as F17an officer of Revenue and Customs may require.

3

Once F17an officer of Revenue and CustomsF10has decided whether or not to approve the scheme, F8the officer must give notice of F9the decision to the scheme organiser.

Appeal against refusal of approval

41

1

If F17an officer of Revenue and CustomsF18refuses to approve the scheme, the scheme organiser may appeal to the Special Commissioners.

2

The notice of appeal must be given to F17an officer of Revenue and Customs within 30 days after the date on which notice of F19the officer's decision was given to the scheme organiser.

3

If the Special Commissioners allow the appeal, they may direct F17an officer of Revenue and Customs to approve the scheme with effect from a date specified by the Commissioners.

4

The date so specified must not be earlier than that of the application for approval.

Withdrawal of approval

42

1

If any disqualifying event occurs in connection with an approved SAYE option scheme, F17an officer of Revenue and Customs may by a notice given to the scheme organiser withdraw the approval with effect from—

a

the time at which the disqualifying event occurred, or

b

a later time specified by F17an officer of Revenue and Customs in the notice.

2

A “disqualifying event” occurs in connection with a scheme if—

a

any of the requirements of Parts 2 to 7 of this Schedule ceases to be met;

F4aa

an alteration is made in a key feature of the scheme without the approval of F17an officer of Revenue and Customs ; or

b

the scheme organiser fails to provide information requested by F17an officer of Revenue and Customs under paragraph 45.

F32A

For the purposes of sub-paragraph (2)(aa) F17an officer of Revenue and Customs may not withhold F21... approval unless it appears to F20the officer at the time in question that the scheme as proposed to be altered would not then be approved on an application under paragraph 40.

2B

For the purposes of that sub-paragraph a “key feature” of a scheme is a provision of the scheme which is necessary in order to meet the requirements of this Schedule.

3

If share options granted under an SAYE option scheme before the withdrawal of approval under this paragraph are exercised after the withdrawal, the scheme is to be treated for the purposes of—

a

section 519 (exemption in respect of exercise of share option), and

F1b

section 421G(b) (exemption from Chapters 2 to 4 of Part 7),

in their application to such options, as if it were still approved at the time of the exercise.

F2Notice of decision about alteration

Annotations:
Amendments (Textual)
F2

Sch. 3 para. 43 and crossheading substituted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 21 para. 12(4)

43

Where F17an officer of Revenue and Customs —

a

F13has been requested to approve any alteration in a SAYE option scheme that has been approved, and

b

F13has decided whether or not to approve the alteration,

F11the officer must give notice of F12the decision to the scheme organiser.

Appeal against withdrawal of approval etc.

44

1

This paragraph applies if an SAYE option scheme has been approved by F17an officer of Revenue and Customs and F14the officer —

a

F15decides to withdraw approval of the scheme under paragraph 42, or

F5b

F15decides to refuse approval under paragraph 42(2)(aa).

2

The scheme organiser may appeal against the decision to the Special Commissioners.

3

The notice of appeal must be given to F17an officer of Revenue and Customs within 30 days after the date on which notice of F16the officer's decision was given to the scheme organiser.