SCHEDULES
SCHEDULE 7Transitionals and savings
Part 7Employment income: F1income related to securities
Approved SAYE option schemes
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1
This paragraph applies where, immediately before 6th April 2003, a savings-related share option scheme was approved under Schedule 9 to ICTA (approved share option schemes and profit-sharing schemes).
2
On and after that date the scheme is to be treated as an SAYE option scheme approved by F2an officer of Revenue and Customs under Schedule 3 to this Act.
3
Sub-paragraph (2) has effect even if the provisions of the scheme do not wholly conform with the provisions of Schedule 3 to this Act, but it has effect without prejudice to—
a
paragraphs 42 and 43 of that Schedule (withdrawal or loss of approval), and
b
any approved alteration of the scheme.
4
For the purposes of paragraph 42 of Schedule 3, as it applies to the scheme, nothing is to be regarded as a disqualifying event if it would not have resulted in any of the former approval requirements ceasing to be met.
The “former approval requirements” means the requirements of Schedule 9 to ICTA by reference to which the scheme was approved.
5
Nothing in this Act affects the validity of—
a
any provision of the scheme which was included in it at any time before 6th April 2003 in accordance with the provisions of Schedule 9 to ICTA as then in force, or
b
any rights obtained under the scheme which were obtained at any such time in accordance with the provisions of that Schedule as then in force.
6
In this paragraph “savings-related share option scheme” has the meaning given by paragraph 1(1) of Schedule 9 to ICTA.
Words in Sch. 7 Pt. 7 heading substituted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(4)