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HMRC internal manual

Employee Tax Advantaged Share Scheme User Manual

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HM Revenue & Customs
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Schedule 3 SAYE option schemes: Taxation: Exercise of share options – Schedule 3 SAYE option scheme

Section 476 liability does not arise if a SAYE share option is exercised in accordance with the provisions of the Schedule 3 SAYE option scheme, unless the option is being exercised:

  • within three years of its grant, and
  • because of an event included in the scheme rules under paragraph 34(5) & 37, such as a takeover, reconstruction, voluntary winding-up or transfer of employing company out of the group (Section 519(3)) (where such an event is not a cash takeover for the purposes of Section 519(3A) – (3J)) or a transfer of a business out of the group in non-TUPE circumstances.

 (see ETASSUM35470 and ETASSUM35530).