Where a company obtains control of another that is operating a Savings-Related Share Option Scheme (the ‘scheme company’), it has always been possible to ‘roll over’ the options in that scheme (the ‘old options’) into options to acquire shares in the acquiring company, by agreement between participants in the SAYE scheme and the acquiring company, and if the appropriate conditions are complied with.

(ITEPA 2003, Sch. 3, para. 38)

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