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Income Tax (Earnings and Pensions) Act 2003 section 38
Exchange of options on company reorganisation [ITEPA 2003 Sch 3 para 38]
Section 38 deals with how share options held under a Save As You Earn (SAYE) option scheme can be exchanged for new options when a company reorganisation takes place, such as a takeover or court-sanctioned arrangement.
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