Finance Act 2014

Other amendments: TCGA 1992

128 (1) Paragraph 10 (market value rule not to apply) is amended as follows.

(2) In sub-paragraph (1)—

(a) in paragraph (a)(i) for “an approved” substitute “a Schedule 3”, and

(b) in paragraph (b) for “approved” substitute “a Schedule 3 SAYE option scheme”.

(3) For sub-paragraph (3) substitute—

“(3) Sub-paragraph (3A) applies for the purposes of sub-paragraph (1)(b) if—

(a) the SAYE option scheme is not to be a Schedule 3 SAYE option scheme by virtue of paragraph 40H or 40I of Schedule 3 to ITEPA 2003, and

(b) the option was granted before, but exercised at or after, the time mentioned in paragraph 40H(2)(a)(i) or (ii) or 40I(7)(a)(i) or (ii) of that Schedule (as the case may be).

(3A) The scheme is to be taken still to be a Schedule 3 SAYE option scheme when the option is exercised.”