(SAYE) amendments to existing schemes

After approval has been obtained, if a company wishes to amend a key feature in the scheme, it should send the relevant documents with the proposed changes marked to the Employee Shares and Securities Unit to review before the changes are adopted.

Any changes could affect the approved status of the Scheme and have tax/NIC consequences for the option holders and therefore it is important that these documents are submitted before they are adopted.

The Employee Shares and Securities Unit are happy to review any draft amendments. They will review the changes and confirm or otherwise if the approved status of the scheme will be affected.

Normally if the proposed amendments are acceptable then we will agree to these changes having effect from the date of the resolution adopting the changes, providing that the resolution is submitted within 14 days of the date on which it was passed.