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HMRC internal manual

Employee Tax Advantaged Share Scheme User Manual

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HM Revenue & Customs
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Schedule 3 SAYE option schemes: Shares to which schemes can apply: Recognised Stock Exchange (RSE)

Recognised Stock Exchange” is defined in Section 1005 ITA 2007 as:

  1. the Stock Exchange, or
  2. any such stock exchange outside the United Kingdom as is for the time being designated for the purposes of this section as a recognised stock exchange by order made by the Commissioners for HMRC.

Further information and a list of stock exchanges that have been recognised by order made by the Commissioners for HMRC can be found at the following website: - http://www.hmrc.gov.uk/fid/rse.htm.

The list of recognised stock exchanges has since 1970 included any exchange registered with the Securities and Exchange Commission (SEC) of the United States as a national securities exchange. This definition includes the New York Stock Exchange (NYSE), the American Stock Exchange and the NASDAQ Stock Market.

Shares on the AIM (the Alternative Investment Market which came into being in July 1995) do not satisfy the requirements of paragraph 19(a). Although these markets are part of the Stock Exchange, they are not “listed” on it, i.e. included on the Official List.