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(1)This Chapter provides—
F2(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)for exemptions from income tax in connection with share options granted under [F3SAYE option schemes which are Schedule 3 SAYE option] schemes.
F4(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(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 ([F5Schedule 3] SAYE option schemes: amount of consideration on exercise of option),
together constitute “the SAYE code”.
(4)In the SAYE code—
F6...
“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 [F7approved savings arrangements]);
[F8“” is to be read in accordance with paragraph 1 and Part 8 of Schedule 3;]
“
” means a right to acquire shares in a company;“
” 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.
Textual Amendments
F1Word in s. 516 heading omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 99(2), 146 (with Sch. 8 paras. 147-157)
F2S. 516(1)(a) and word omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 99(3)(a), 146 (with Sch. 8 paras. 147-157)
F3Words in s. 516(1)(b) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 99(3)(b), 146 (with Sch. 8 paras. 147-157)
F4S. 516(2) omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 99(4), 146 (with Sch. 8 paras. 147-157)
F5Words in s. 516(3)(c) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 99(5), 146 (with Sch. 8 paras. 147-157)
F6Words in s. 516(4) omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 99(6)(a), 146 (with Sch. 8 paras. 147-157)
F7Words in s. 516(4) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 605 (with Sch. 2)
F8Words in s. 516(4) inserted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 99(6)(b), 146 (with Sch. 8 paras. 147-157)
(1)This Chapter applies to a share option granted to an individual—
(a)in accordance with the provisions of [F9a Schedule 3] 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.
Textual Amendments
F9Words in s. 517(1)(a) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 100, 146 (with Sch. 8 paras. 147-157)
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