Taxes Consolidation Act 1997 Schedule 12A, paragraph 2

Approval of schemes

Paragraph 2 of Schedule 12A sets out the process by which a company may apply to the Revenue Commissioners for approval of a savings-related share option scheme, including provisions for group schemes and the requirement to specify a retirement age.

• A body corporate that has established a savings-related share option scheme may apply in writing to the Revenue Commissioners for approval, supported by whatever particulars and evidence Revenue may require.
• The Revenue Commissioners must approve the scheme if they are satisfied it meets all the requirements of the Schedule.
• Where the applicant company controls one or more other companies, the scheme may be extended to some or all of those companies, forming a "group scheme" in which each company covered is known as a "participating company".
• The scheme rules must state the specified age for the purposes of the scheme, which determines the point beyond which option rights may continue to be exercised.