121U.K.TCGA 1992 is amended as follows.
122(1)Section 105A (shares acquired on same day: election for alternative treatment) is amended as follows.U.K.
(2)For “approved-scheme” (in all places) substitute “ tax-advantaged-scheme ”.
(3)In subsection (1)(b)(ii) omit “approved”.
123U.K.In section 105B (provision supplementary to section 105A) in subsections (7) and (8) for “approved-scheme” substitute “ tax-advantaged-scheme ”.
124U.K.In section 238A (share schemes and share incentives) in subsection (2)(b) for “approved” substitute “ Schedule 3 ”.
125U.K.Part 2 of Schedule 7D (SAYE option schemes) is amended as follows.
126U.K.In the title for “Approved” substitute “ Schedule 3 ”.
127U.K.In paragraph 9 (introduction) in sub-paragraphs (1) and (2) omit “approved”.
128(1)Paragraph 10 (market value rule not to apply) is amended as follows.U.K.
(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.”