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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: Exercise rights: exercise of options - Scheme related employment ends

Paragraph 34 sets out the provisions relating to ‘early’ exercise of options (i.e. before the bonus date) which must be included in a Schedule 3 SAYE option scheme. The exercise provisions covered by paragraph 34 are those linked to cessation of employment or, broadly, to transfer of the employment out of the constituent group. Paragraph 10 prohibits an option being exercised after cessation of employment with a constituent company, except as required or authorised by another provision of Schedule 3.