Part 2 SAYE Option Schemes
Finance Act 2014 (2014 c 26) | Legislation

Part 2 SAYE Option Schemes

Amendments to Chapter 7 of Part 7 of ITEPA 2003

97

Chapter 7 of Part 7 of ITEPA 2003 (employment income: income and exemptions relating to securities: SAYE option schemes) is amended as follows.

98

In the title omit “Approvedâ€.

99

(1)     Section 516 (introduction to SAYE option schemes) is amended as follows.

(2)     In the heading omit “Approvedâ€.

(3)     In subsection (1)—

(a)     omit paragraph (a) and the “and†after it, and

(b)     in paragraph (b) for “those†substitute “SAYE option schemes which are Schedule 3 SAYE optionâ€.

(4)     Omit subsection (2).

(5)     In subsection (3)(c) for “approved†substitute “Schedule 3â€.

(6)     In subsection (4)—

(a)     omit the definition of “approvedâ€, and

(b)     after the definition of “SAYE option scheme†insert—

““Schedule 3 SAYE option scheme†is to be read in accordance with paragraph 1 and Part 8 of Schedule 3;â€.

100

In section 517 (share options to which Chapter applies) in subsection (1)(a) for “an approved†substitute “a Schedule 3â€.

101

(1)     Section 519 (no charge in respect of exercise of option) is amended as follows.

(2)     In subsection (1)(a) for “approvedâ€

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