Alteration of schemes
12(1)Paragraph 42 (withdrawal of approval) is amended as follows.
(2)In sub-paragraph (2), after “to be met;” insert—
“(aa)an alteration is made in a key feature of the scheme without the approval of the Inland Revenue;”.
(3)After that sub-paragraph insert—
“(2A)For the purposes of sub-paragraph (2)(aa) the Inland Revenue may not withhold their approval unless it appears to them at the time in question that the scheme as proposed to be altered would not then be approved on an application under paragraph 40.
(2B)For the purposes of that sub-paragraph a “key feature” of a scheme is a provision of the scheme which is necessary in order to meet the requirements of this Schedule.”.
(4)For paragraph 43 (approval ineffective after unapproved alteration and notice of decisions) and the heading before it substitute—
“Notice of decision about alteration
43Where the Inland Revenue—
(a)have been requested to approve any alteration in a SAYE option scheme that has been approved, and
(b)have decided whether or not to approve the alteration,
they must give notice of their decision to the scheme organiser.”.
(5)For paragraph 44(1)(b) (appeal against decision not to approve alteration) substitute—
“(b)decide to refuse approval under paragraph 42(2)(aa).”.