129U.K.ITEPA 2003 is amended as follows.
130U.K.In section 227 (scope of Part 4) in subsection (4)(e) omit “approved”.
131U.K.In section 417 (scope of Part 7) in subsection (2), in the entry for Chapter 7, omit “approved”.
132U.K.In section 431A (provision relating to restricted securities) in subsection (2)(b) for “an approved” substitute “ a Schedule 3 ”.
133U.K.In section 473 (introduction to taxation of securities options) in subsection (4)(a) for “approved” substitute “ Schedule 3 ”.
134U.K.In section 476 (charge on occurrence of chargeable event) in subsection (6), in the entry for section 519, omit “approved”.
135U.K.In section 549 (application of Chapter 11 of Part 7) in subsection (2)(b) omit “approved”.
136(1)Section 554E (exclusions under Part 7A) is amended as follows.U.K.
(2)In subsection (1)(b) for “an approved” substitute “ a Schedule 3 ”.
(3)In subsection (3)(a)(ii) and (b)(ii) for the first “an approved” substitute “ a Schedule 3 ”.
(4)In subsection (4)(a) and (b) for the second “approved” substitute “ Schedule 3 ”.
137U.K.In section 697 (PAYE: enhancing the value of an asset) in subsection (4)—
(a)in paragraph (a) omit the words from “Schedule 3” to the second “or”,
(b)after paragraph (a) insert—
“(aa)any shares acquired by the employee under a scheme which is a Schedule 3 SAYE option scheme (see Schedule 3),”, and
(c)in paragraph (b) for “such a scheme” substitute “ a scheme mentioned in any of the preceding paragraphs ”.
138U.K.In section 701 (PAYE: meaning of “asset”) in subsection (2)(c)—
(a)in sub-paragraph (i) omit “Schedule 3 (approved SAYE option schemes) or”, and
(b)after sub-paragraph (i) insert—
“(iza)any shares acquired by the employee under a scheme which is a Schedule 3 SAYE option scheme (see Schedule 3),”.
139U.K.In section 195 of FA 2004 (pensions: transfer of certain shares to be treated as payment of contribution) in subsection (5), in the definition of “SAYE option scheme”, omit “approved”.
140(1)Section 94A of ITTOIA 2005 (costs of setting up SAYE option scheme or CSOP scheme) is amended as follows.U.K.
(2)In subsection (1)—
(a)in paragraph (a) omit “that is approved by an officer of Revenue and Customs”, and
(b)omit paragraph (b) and the “and” before it.
(3)In subsection (2)—
(a)at the beginning of paragraph (a) insert “ Schedule 3 ”,
(b)at the beginning of paragraph (b) insert “ Schedule 4 ”, and
(c)omit the final sentence.
(4)In subsection (4) for “approval is given” (in both places) substitute “ relevant date falls ”.
(5)After subsection (4) insert—
“(4A)In subsection (4) “the relevant date”—
(a)in relation to a Schedule 3 SAYE option scheme, has the meaning given in paragraph 40A(6) of Schedule 3 to ITEPA 2003, and
(b)in relation to a Schedule 4 CSOP scheme, has the meaning given in paragraph 28A(6) of Schedule 4 to ITEPA 2003.”
141(1)Section 703 of ITTOIA 2005 (SAYE interest: meaning of “certified SAYE savings arrangement”) is amended as follows.U.K.
(2)In subsection (2)(b) for “an approved” substitute “ a Schedule 3 ”.
(3)In subsection (3) for the definition of “SAYE option scheme” substitute—
““Schedule 3 SAYE option scheme” has the meaning given in Schedule 3 to ITEPA 2003.”
142(1)Section 999 of CTA 2009 (deduction for costs of setting up SAYE option scheme etc) is amended as follows.U.K.
(2)In subsection (1)—
(a)in paragraph (a) omit “that is approved by an officer of Revenue and Customs”, and
(b)omit paragraph (b) and the “and” before it.
(3)In subsection (2)—
(a)at the beginning of paragraph (a) insert “ Schedule 3 ”,
(b)at the beginning of paragraph (b) insert “ Schedule 4 ”, and
(c)omit the final sentence.
(4)In subsection (6) for “approval is given” (in all places) substitute “ relevant date falls ”.
(5)After subsection (6) insert—
“(6A)In subsection (6) “the relevant date”—
(a)in relation to a Schedule 3 SAYE option scheme, has the meaning given in paragraph 40A(6) of Schedule 3 to ITEPA 2003, and
(b)in relation to a Schedule 4 CSOP scheme, has the meaning given in paragraph 28A(6) of Schedule 4 to ITEPA 2003.”