Taxes Consolidation Act 1997 Schedule 12A paragraph 4

Withdrawal of approval by Revenue

Paragraph 4 of Schedule 12A deals with the circumstances in which the Revenue Commissioners may withdraw their approval of a savings-related share option scheme, and the effect of unapproved alterations to such a scheme.

• Revenue may withdraw approval if any Schedule requirement ceases to be met or the grantor fails to provide information requested under paragraph 6.
• Withdrawal takes effect from the time the requirement ceased to be satisfied, or from a later date specified by Revenue.
• Options obtained before withdrawal that are exercised after withdrawal continue to qualify for relief under section 519A(3) as if the scheme were still approved.
• Any alteration made to an approved scheme without Revenue approval automatically invalidates the scheme's approved status from the date of the alteration.