This section has no associated Explanatory Notes
20(1)Paragraph 19 of Schedule 3 to ITEPA 2003 (SAYE option schemes: requirements as to listing) is amended as follows.U.K.
(2)In sub-paragraph (1), omit the “or” at the end of paragraph (b) and after that paragraph insert—
“(ba)shares in a company which is subject to an employee-ownership trust (within the meaning of paragraph 27(4) to (6) of Schedule 2), or”.
(3)After sub-paragraph (2) insert—
“(3)But a company is not a close company for the purposes of sub-paragraph (2) if it is subject to an employee-ownership trust (within the meaning of paragraph 27(4) to (6) of Schedule 2).”
(4)The amendments made by this paragraph come into force on 1 October 2014.