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HMRC internal manual

Employee Tax Advantaged Share Scheme User Manual

HM Revenue & Customs
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Schedule 3 SAYE Option Scheme: Eligibility of individuals to participate: The employment requirement: Nominees

Although options must not be transferable, schemes which provide for shares acquired by option exercise to be registered in the name of a nominee may in principle be acceptable. Such provisions are particularly desirable when exercising savings-related share options as such shares may be transferred directly into an ISA, SIPP or stakeholder pension.

An option-holder becomes the beneficial owner of the shares as soon as he exercises his option, even if arrangements are immediately implemented so that the legal ownership of the shares passes to a nominee. Subsequent disposal of the beneficial ownership of the shares will be a chargeable occasion for capital gains tax purposes.