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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: Close company

Close Company has the meaning given by Section 989 of ITA 2007. Guidance on these sections is at +.

A company is not a close company for the purposes of paragraph 19(2) of the SAYE code “requirements as to listing” if it is subject to an employee-ownership trust (within the meaning of paragraph 27(4) to (6) of Schedule 2 ITEPA).

An overseas company which is wholly owned by an overseas Government would not be considered to be a close company if it were resident in the UK. But if the overseas Government is only a majority shareholder, and does not own the whole of the share capital of the company in question, the advice of the appropriate H.O. specialist should be sought on whether it would be close.