Jurisdiction(s):
United Kingdom

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Law definition

What does Law mean? In legal practice, Law describes the body of binding rules governing parties’ rights and obligations in the relevant jurisdiction(s). It is not a single statutory or case-law definition; in contracts it is a descriptive catch‑all used to capture all sources of applicable law. Law includes: (a) any primary or secondary legislation (including regulations, statutory instruments and byelaws) in force from time to time that applies to a party or to the place the Services are provided; (b) the common law and, where applicable, equity; (c) any binding court order, judgment or decree; (d) any applicable industry code,

SAYE options and UK corporate events: early exercise on takeovers, schemes, demergers and winding up; tax relief and option exchanges

Published by a LexisNexis Share Incentives expert

Practice notes

This note addresses the following areas:

the Law governing save as you earn (SAYE) Options and corporate events
corporate events which may trigger the exercise of SAYE options
demergers
Tax relief for exercise of SAYE options on specified corporate events, and
exchange of SAYE options

The law governing SAYE options and corporate events

The statutory framework setting out how corporate events affect SAYE options comprises:

Schedule 3 Part 6, paragraph 37 to the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003) and ITEPA 2003, Sch 3 Pt 7, paras 38–39, and
ITEPA 2003, s 519

Corporate events which may trigger exercise of SAYE options

Under the SAYE rules, a scheme may permit options to be exercised early (before the bonus date of the associated savings contract) if any of the following arises in respect of the company whose shares are under the scheme (the scheme company):

a change of control of the scheme company as a result of a general offer, either to acquire the whole of its issued ordinary share capital or to acquire all

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Web page updated on 21/05/2026

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