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HMRC internal manual

Employee Tax Advantaged Share Scheme User Manual

Schedule 3 SAYE option schemes: Exchange of options: Acquisition price of new options

The requirement of paragraph 39(4)(d) is that the aggregate acquisition price payable by a participant under the new options must be substantially the same as the aggregate acquisition price under the old options. As the number of shares under the new options has been fixed under paragraph 39(4)(c), this enables the acquisition price per share under the new options to be determined.

If the options have been granted in one currency, but as a result of a takeover, will be exercised in another, the conversion to the new exercise price should be made at the exchange rate effective at the date the options are exchanged.