Income Tax (Earnings and Pensions) Act 2003 Schedule 3 paragraph 30

Time for exercising options: general

Paragraph 30 sets out the general rules governing when share options granted under a Save As You Earn (SAYE) scheme may be exercised, centred on the concept of the "bonus date".

• Share options cannot normally be exercised before the bonus date or later than 6 months after it
• Exceptions to the earliest exercise date apply in cases of death, the end of scheme-related employment, or certain corporate events affecting the company
• The "bonus date" is the date on which repayments under the linked savings arrangement fall due
• The due date for repayments depends on whether the maximum bonus is included: if so, it is the earliest date that maximum bonus is payable; otherwise, it is the earliest date any bonus is payable