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ETASSUM36110 | Schedule 3 SAYE option schemes: Exchange of options: Appropriate period

From HM Revenue & Customs · Employee Tax Advantaged Share Scheme User Manual

Paragraph 38(3) requires that the ‘agreement’ to the option exchange is made within the following time periods:

  1. The period of 6 months following the time a company which made the general offer obtains control and the offer has become unconditional.

  2. The period of 6 months following the time the court sanctions a compromise or arrangement under Section 899 of the Companies Act 2006.

  3. The period of 6 months beginning with the date on which a non-UK company reorganisation arrangement becomes binding on the shareholders covered by it.

  4. The period during which the acquiring company remains bound or entitled to acquire the shares of dissenting minority shareholders under sections 979–982 or 983-985 of the Companies Act 2006.

Where scheme rules contain rollover provisions the period in which ‘agreement’ is to be made should be defined in accordance with the above.