SCHEDULES

SCHEDULE 3U.K.Approved SAYE option schemes

Part 8U.K.Approval of schemes

Application for approvalU.K.

40(1)Where—U.K.

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

(b)the scheme organiser makes an application to [F1an officer of Revenue and Customs] for approval of the scheme,

[F1an officer of Revenue and Customs] must approve the scheme if [F2the officer] [F3is] 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 [F1an officer of Revenue and Customs] may require.

(3)Once [F1an officer of Revenue and Customs] [F4has] decided whether or not to approve the scheme, [F5the officer] must give notice of [F6the] decision to the scheme organiser.

Textual Amendments

Appeal against refusal of approvalU.K.

41(1)If [F1an officer of Revenue and Customs] [F7refuses] to approve the scheme, the scheme organiser may appeal F8....U.K.

(2)The notice of appeal must be given to [F1an officer of Revenue and Customs ] within 30 days after the date on which notice of [F9the officer's] decision was given to the scheme organiser.

(3)[F10If the appeal is notified to and allowed by the tribunal, the tribunal may direct] [F1an officer of Revenue and Customs] to approve the scheme with effect from a date specified by the [F11tribunal].

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

Textual Amendments

Withdrawal of approvalU.K.

42(1)If any disqualifying event occurs in connection with an approved SAYE option scheme, [F1an 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 [F1an 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 [F1an officer of Revenue and Customs];] or

(b)the scheme organiser fails to provide information requested by [F1an officer of Revenue and Customs] under paragraph 45.

[F13(2A)For the purposes of sub-paragraph (2)(aa) [F1an officer of Revenue and Customs] may not withhold F14... approval unless it appears to [F15the 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

F12Sch. 3 para. 42(2)(aa) inserted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 21 para. 12(2)

F13Sch. 3 para. 42(2A)(2B) inserted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 21 para. 12(3)

F16Sch. 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)

[F17Notice of decision about alterationU.K.

Textual Amendments

F17Sch. 3 para. 43 and crossheading substituted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 21 para. 12(4)

43U.K.Where [F1an officer of Revenue and Customs] —

(a)[F18has] been requested to approve any alteration in a SAYE option scheme that has been approved, and

(b)[F18has] decided whether or not to approve the alteration,

[F19the officer] must give notice of [F20the] decision to the scheme organiser.]

Textual Amendments

Appeal against withdrawal of approval etc.U.K.

44(1)This paragraph applies if an SAYE option scheme has been approved by [F1an officer of Revenue and Customs] and [F21the officer] —U.K.

(a)[F22decides] to withdraw approval of the scheme under paragraph 42, or

[F23(b)[F22decides] 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 [F1an officer of Revenue and Customs] within 30 days after the date on which notice of [F25the officer's] decision was given to the scheme organiser.

Textual Amendments

F23Sch. 3 para. 44(1)(b) substituted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 21 para. 12(5)