SCHEDULES
SCHEDULE 3Approved SAYE option schemes
Part 3Eligibility of individuals to participate in scheme
Meaning of “material interest”
12
1
In paragraph 11 (the “no material interest” requirement) references to a “material interest” in a company are to—
a
a material interest in the share capital of the company, or
b
a material interest in its assets.
2
A material interest in the share capital of a company means—
a
beneficial ownership of, or
b
the ability to control (directly or through the medium of other companies or by any other indirect means),
more than 25% of the ordinary share capital of the company.
3
A material interest in the assets of a company means—
a
possession of, or
b
an entitlement to acquire,
such rights as would, in the event of the winding up of the company or in any other circumstances, give an entitlement to receive more than 25% of the assets that would then be available for distribution among the participators.
4
In this paragraph “participator” has the meaning given by F1section 454 of CTA 2010.
5
This paragraph is supplemented by paragraph 13 (material interest: options etc.).