Income Tax (Earnings and Pensions) Act 2003 (c. 1)

SCHEDULES

SCHEDULE 3 U.K. Approved SAYE option schemes

Part 8 U.K. Approval of schemes

Application for approval U.K.

40 (1) Where— U.K.

(a) an SAYE option scheme has been established, and

(b) the scheme organiser makes an application to [F1 an officer of Revenue and Customs] for approval of the scheme,

[F1 an officer of Revenue and Customs] must approve the scheme if [F2 the officer] [F3 is] 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 [F1 an officer of Revenue and Customs] may require.

(3) Once [F1 an officer of Revenue and Customs] [F4 has] decided whether or not to approve the scheme, [F5 the officer] must give notice of [F6 the] decision to the scheme organiser.

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. 40(1) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(1)(n); S.I. 2005/1126, art. 2(2)(h)

F3 Word in Sch. 3 para. 40(1) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 122(a)(i); S.I. 2005/1126, art. 2(2)(h)

F4 Word in Sch. 3 para. 40(3) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 122(a)(ii); S.I. 2005/1126, art. 2(2)(h)

F5 Words in Sch. 3 para. 40(3) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(1)(n); S.I. 2005/1126, art. 2(2)(h)

F6 Words in Sch. 3 para. 40(3) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(3)(d); S.I. 2005/1126, art. 2(2)(h)

Appeal against refusal of approval U.K.

41 (1) If [F1 an officer of Revenue and Customs] [F7 refuses] to approve the scheme, the scheme organiser may appeal F8 .... U.K.

(2) The notice of appeal must be given to [F1 an officer of Revenue and Customs ] within 30 days after the date on which notice of [F9 the officer's] decision was given to the scheme organiser.

(3) [F10 If the appeal is notified to and allowed by the tribunal, the tribunal may direct] [F1 an officer of Revenue and Customs] to approve the scheme with effect from a date specified by the [F11 tribunal].

(4) The date so specified must not be earlier than that of the application for 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)

F7 Word in Sch. 3 para. 41(1) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 122(b); S.I. 2005/1126, art. 2(2)(h)

F8 Words in Sch. 3 para. 41(1) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 345(2)

F9 Words in Sch. 3 para. 41(2) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(2)(d); S.I. 2005/1126, art. 2(2)(h)

F10 Words in Sch. 3 para. 41(3) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 345(3)(a)

F11 Word in Sch. 3 para. 41(3) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 345(3)(b)

Withdrawal of approval U.K.

42 (1) If any disqualifying event occurs in connection with an approved SAYE option scheme, [F1 an officer of Revenue and Customs] may by a notice given to the scheme organiser withdraw the approval with effect from— U.K.

(a) the time at which the disqualifying event occurred, or

(b) a later time specified by [F1 an 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;

[F12 (aa) an alteration is made in a key feature of the scheme without the approval of [F1 an officer of Revenue and Customs];] or

(b) the scheme organiser fails to provide information requested by [F1 an officer of Revenue and Customs] under paragraph 45.

[F13 (2A) For the purposes of sub-paragraph (2)(aa) [F1 an officer of Revenue and Customs] may not withhold F14 ... approval unless it appears to [F15 the 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

[F16 (b) 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.

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)

F12 Sch. 3 para. 42(2)(aa) inserted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 21 para. 12(2)

F13 Sch. 3 para. 42(2A)(2B) inserted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 21 para. 12(3)

F14 Word in Sch. 3 para. 42(2A) repealed (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(4)(b), Sch. 5; S.I. 2005/1126, art. 2(2)(h)(i)

F15 Words in Sch. 3 para. 42(2A) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(1)(o); S.I. 2005/1126, art. 2(2)(h)

F16 Sch. 3 para. 42(3)(b) substituted (with effect in accordance with Sch. 22 para. 44(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 44(1)

[F17 Notice of decision about alteration U.K.

Textual Amendments

F17 Sch. 3 para. 43 and crossheading substituted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 21 para. 12(4)

43 U.K. Where [F1 an officer of Revenue and Customs] —

(a) [F18 has] been requested to approve any alteration in a SAYE option scheme that has been approved, and

(b) [F18 has] decided whether or not to approve the alteration,

[F19 the officer] must give notice of [F20 the] decision to the scheme organiser.]

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)

F18 Word in Sch. 3 para. 43 substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 122(c); S.I. 2005/1126, art. 2(2)(h)

F19 Words in Sch. 3 para. 43 substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(1)(p); S.I. 2005/1126, art. 2(2)(h)

F20 Words in Sch. 3 para. 43 substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(3)(e); S.I. 2005/1126, art. 2(2)(h)

Appeal against withdrawal of approval etc. U.K.

44 (1) This paragraph applies if an SAYE option scheme has been approved by [F1 an officer of Revenue and Customs] and [F21 the officer] — U.K.

(a) [F22 decides] to withdraw approval of the scheme under paragraph 42, or

[F23 (b) [F22 decides] to refuse approval under paragraph 42(2)(aa).]

(2) The scheme organiser may appeal against the decision F24 ....

(3) The notice of appeal must be given to [F1 an officer of Revenue and Customs] within 30 days after the date on which notice of [F25 the officer's] decision was given to the scheme organiser.

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)

F21 Words in Sch. 3 para. 44(1) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(1)(q); S.I. 2005/1126, art. 2(2)(h)

F22 Word in Sch. 3 para. 44(1) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 122(d); S.I. 2005/1126, art. 2(2)(h)

F23 Sch. 3 para. 44(1)(b) substituted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 21 para. 12(5)

F24 Words in Sch. 3 para. 44(2) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 346

F25 Words in Sch. 3 para. 44(3) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(2)(e); S.I. 2005/1126, art. 2(2)(h)