- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
(1)This Chapter provides—
(a)for the approval of SAYE option schemes by the Inland Revenue, and
(b)for exemptions from income tax in connection with share options granted under those schemes.
(2)Schedule 3 contains the requirements that have to be met for an SAYE option scheme to be approved, together with the approval procedure.
(3)The provisions of—
(a)this and the following sections of this Chapter,
(b)Schedule 3, and
(c)Part 2 of Schedule 7D to TCGA 1992 (approved SAYE option schemes: amount of consideration on exercise of option),
together constitute “the SAYE code”.
(4)In the SAYE code—
“approved” means approved by the Inland Revenue under Schedule 3 (see paragraph 1 of the Schedule);
“SAYE option scheme” means a scheme (commonly referred to as an SAYE share option scheme) which is established by a company and provides—
for share options to be granted to employees and directors, and
for the shares acquired by the exercise of the share options to be paid for in the way mentioned in paragraph 24 of Schedule 3 (payments for shares to be linked to approved savings schemes);
“share option” means a right to acquire shares in a company;
“shares” includes stock.
(5)Other expressions used in the SAYE code and contained in the index at the end of Schedule 3 have the meaning indicated by the index.
(1)This Chapter applies to a share option granted to an individual—
(a)in accordance with the provisions of an approved SAYE option scheme, and
(b)by reason of the individual’s office or employment as a director or employee of a company.
(2)The individual may be a director or employee of the company whose shares are the subject of the share option, or of some other company.
No liability to income tax arises in respect of the receipt of the share option.
(1)No liability to income tax arises in respect of the exercise of the share option if—
(a)the individual exercises it in accordance with the provisions of the SAYE option scheme at a time when the scheme is approved, and
(b)condition A or B is met.
(2)Condition A is that the option is exercised on or after the third anniversary of the date on which it was granted.
(3)Condition B is that the option—
(a)is exercised before the third anniversary of the date on which it was granted, and
(b)is so exercised otherwise than by virtue of a provision included in the scheme under—
paragraph 34(5) of Schedule 3 (exercise of option where scheme-related employment ends), or
paragraph 37 of that Schedule (exercise of option where certain company events occur).
(4)This section does not affect the operation of section 477(4) (no charge on exercise of option by personal representatives etc.).
(5)In Schedule 3—
(a)paragraph 32 provides for the exercise of an option where the holder has died, and
(b)paragraph 42(3) provides for an SAYE option scheme to be treated as approved at the time when an option is exercised even though approval of the scheme has been previously withdrawn.
(1)This section applies if—
(a)the individual exercises the share option in accordance with the provisions of the SAYE option scheme at a time when the scheme is approved, and
(b)condition A or B (as set out in section 519(2) or (3)) is met.
(2)No liability to income tax arises by virtue of—
section 449 (charge where restrictions or rights varied after acquisition), or
section 453 (charge on increase in value of shares of dependent subsidiaries),
in respect of shares acquired by the exercise of the share option.
(3)Paragraph 42(3) of Schedule 3 provides for an SAYE option scheme to be treated as approved at the time when an option is exercised even though approval of the scheme has been previously withdrawn.
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