Income Tax (Earnings and Pensions) Act 2003 section 47A

Non-UK company reorganisation arrangements

Section 47A defines what counts as a "non-UK company reorganisation arrangement" for the purposes of the Save As You Earn (SAYE) share option scheme rules.

• A non-UK company reorganisation arrangement is one made under the law of a territory outside the United Kingdom in relation to a company's share capital.
• The arrangement must involve a reorganisation through consolidating shares of different classes, dividing shares into different classes, or a combination of both methods.
• The arrangement must be approved by a resolution of the company's members.
• The resolution is only valid if the members voting in favour represent more than 50% of the total voting rights of all members entitled to vote on the matter.