C1Part 7F7Employment income: income and exemptions relating to securities
Pt. 7: power to modify conferred (7.4.2005) by Finance Act 2005 (c. 7), s. 21(8)-(10)
Chapter 7F2... SAYE option schemes
Word in Pt. 7 Ch. 7 title omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 98, 146 (with Sch. 8 paras. 147-157)
Introduction
516F5... SAYE option schemes
1
This Chapter provides—
F4a
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b
for exemptions from income tax in connection with share options granted under F1SAYE option schemes which are Schedule 3 SAYE option schemes.
F82
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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 (F6Schedule 3SAYE option schemes: amount of consideration on exercise of option),
together constitute “the SAYE code”.
4
In the SAYE code—
F10...
“SAYE option scheme” means a scheme (commonly referred to as an SAYE share option scheme) which is established by a company and provides—
- a
for share options to be granted to employees and directors, and
- b
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 F3approved savings arrangements);
- a
F9“Schedule 3 SAYE option scheme” is to be read in accordance with paragraph 1 and Part 8 of Schedule 3;
“share option” means a right to acquire shares in a company;
“shares” 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.
Pt. 7 heading substituted (with effect in accordance with Sch. 22 para. 2(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 2(1)