Part 7 Exchange of Share Options
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

Part 7 Exchange of Share Options

Exchange of options on company reorganisation

38

(1)     An SAYE option scheme may provide that if—

(a)     there is a company reorganisation affecting a scheme company (that is, a company whose shares may be acquired by the exercise of share options obtained under the scheme: see paragraph 18), and

(b)     a participant has obtained share options under the scheme which are to acquire shares of the scheme company (“the old options”),

the participant may agree with the acquiring company to release the old options in consideration of the participant being granted new share options.

(2)     For the purposes of this paragraph there is a company reorganisation affecting a scheme company if another company (“the acquiring company”)—

(a)     obtains control of the scheme company—

(i)     as a result of making a general offer to acquire the whole of the issued ordinary share capital of the scheme company which is made on a condition such that, if it is met, the person making the offer will have control of that company, or

(ii)     as a result of making a general offer to acquire all the shares in the scheme company which are of the

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