Finance Act 2014 inserts a new ITEPA 2003, Sch. 3, Part 8 (Notification of Schemes, Annual returns and Enquiries), with effect from 6 April 2014.

For a SAYE option scheme to be a Schedule 3 SAYE option scheme (that is, what was formerly an ‘approved SAYE’ scheme), notice of the scheme must be given to HMRC. The notice must:

(a)be given by the scheme organiser,

(b)contain, or be accompanied by, such information as HMRC may require, and

(c)contain a declaration within para. 40A(3) made by such persons as HMRC may require.

The declaration in (c) above is one:

- that the requirements of Sch. 3, Parts 2 - 7 are met in relation to the scheme, and

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