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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: Taxation: Grant of share options – Schedule 3 SAYE option scheme

No charge to income tax can arise on the grant of a Schedule 3 SAYE share option.

If grants of options are accidentally made at a discount to the market value of the shares on the agreed valuation date in excess of the permitted 20%, scheme advisors should treat such options as not having been granted in accordance with the provisions of a Schedule 3 SAYE option scheme. They are not therefore within the scope of Section 519 and attract no tax advantages.