If a disqualifying event occurs in connection with a SAYE scheme, HMRC may, by notice to the scheme organiser, withdraw the approval with effect from:

(a)the time at which the disqualifying event occurred, or

(b)a later time specified in the HMRC notice.

A ‘disqualifying event’ is where:

any of the requirements of Sch. 3, Pt. 2–7 ceases to be met; or

an alteration is made in a key feature of the scheme without HMRC approval; or

the scheme organiser fails to provide information requested by HMRC under Sch. 3, para. 45 (see ¶470-580 above).

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