SCHEDULES

SCHEDULE 3F3... SAYE option schemes

Annotations:
Amendments (Textual)
F3

Word in Sch. 3 title omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 103, 146 (with Sch. 8 paras. 147-157)

F1PART 8Notification of schemes, annual returns and enquiries

Annotations:
Amendments (Textual)
F1

Sch. 3 Pt. 8 substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 117, 146 (with Sch. 8 paras. 147-157)

40ANotice of scheme to be given to HMRC

1

For an SAYE option scheme to be a Schedule 3 SAYE option scheme, notice of the scheme must be given to Her Majesty's Revenue and Customs (“HMRC”).

2

The notice must—

a

be given by the scheme organiser,

b

contain, or be accompanied by, such information as HMRC may require, and

c

contain a declaration within sub-paragraph (3) made by such persons as HMRC may require.

3

A declaration within this sub-paragraph is a declaration—

a

that the requirements of Parts 2 to 7 of this Schedule are met in relation to the scheme, and

b

if the declaration is made after the first date on which share options are granted under the scheme (“the first grant date”), that those requirements—

i

were met in relation to those grants of share options, and

ii

have otherwise been met in relation to the scheme at all times on or after the first grant date when share options granted under the scheme are outstanding.

4

If notice is given under this paragraph in relation to an SAYE option scheme, for the purposes of the SAYE code the scheme is to be a Schedule 3 SAYE option scheme at all times on and after the relevant date (but not before that date).

5

But if the notice is given after the initial notification deadline, the scheme is to be a Schedule 3 SAYE option scheme only from the beginning of the relevant tax year.

F25A

Sub-paragraph (5) does not apply if the scheme organiser satisfies HMRC (or, on an appeal under paragraph 40K, the tribunal) that there is a reasonable excuse for the failure to give notice on or before the initial notification deadline.

5B

Paragraph 40C(9) (what constitutes a reasonable excuse) applies for the purposes of sub-paragraph (5A).

5C

Where HMRC are required under sub-paragraph (5A) to consider whether there was a reasonable excuse, HMRC must notify the scheme organiser of their decision within the period of 45 days beginning with the day on which HMRC received the scheme organiser's request to consider the excuse.

5D

Where HMRC are required to notify the scheme organiser as specified in sub-paragraph (5C) but do not do so—

a

HMRC are to be treated as having decided that there was no reasonable excuse, and

b

HMRC must notify the scheme organiser of the decision which they are treated as having made.

6

For the purposes of this Part—

  • “the initial notification deadline” is 6 July in the tax year following that in which the first grant date falls,

  • “outstanding”, in relation to a share option, means that the option—

    1. a

      has not been exercised, but

    2. b

      is capable of being exercised in accordance with the scheme (whether on the meeting of any condition or otherwise),

  • “the relevant date” is—

    1. a

      the date on which the declaration within sub-paragraph (3) is made, or

    2. b

      if that declaration is made after the first grant date, the first grant date, and

  • “the relevant tax year” is—

    1. a

      the tax year in which the notice under this paragraph is given, or

    2. b

      if that notice is given on or before 6 July in that tax year, the preceding tax year.

7

Sub-paragraph (4) is subject to the following paragraphs of this Part.