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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 schemes: Linkage to savings (arrangement): Link between exercise & bonus date

Paragraph 30 provides that the normal rights of exercise of Schedule 3 SAYE options are to be linked to the bonus date of the related savings contract.

Schemes must provide that options are not to be capable of being exercised:

  • before the bonus date (paragraph 30), other than in the exceptional circumstances set out in paragraphs 32 & 34 & 37, or
  • later than six months after the bonus date (paragraph 30), other than following the death of the option-holder (paragraph 32)).