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HMRC internal manual

Employee Tax Advantaged Share Scheme User Manual

Schedule 3 SAYE option schemes: Exchange of options: When a rollover of options can take place

Scheme rules must only permit exchanges of options:

  • to be triggered by the occurrence of the events specified in paragraph 38(2):
  1. the acquiring company obtaining control of the company whose shares are used in the scheme by a general offer (paragraph 38(2)(a)),
  2. the acquiring company obtaining control of the company whose shares are used in the scheme by a compromise or arrangement (paragraph 38(2)(b)),
  3. the acquiring company obtaining control of the company whose shares are used in the scheme as a result of a non-UK company reorganisation arrangement (paragraph 38(2)(ba));
  4. the acquiring company becoming bound or entitled to acquire shares in the company whose shares are used in the scheme (paragraph 38(2)(c)),
  • the exchange must take place within the periods specified in paragraphs 38(3)(a), (b), (ba) & (c), (, , & ).