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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: Relevant TUPE transfer

Option exercise can be triggered by a transfer within the meaning of the Transfer of Undertakings (Protection of Employment) Regulations 2006, (paragraph 34(2)(c)).

Following changes introduced by FA13, a section 476 liability does not arise on exercise in these circumstances.