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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: Requirements relating to share options – The exercise price: Introduction

Paragraph 28 of Schedule 3 sets out the requirements as to the acquisition cost of the shares subject to the option, that the price must be stated at the time of grant and that it must not be manifestly less than 80% of the market value of shares of that class at that time.