Introduction Power to provide for withdrawals and variations not to affect certain contracts
11.Paragraph 8 amends the provisions of section 706(3) concerning the withdrawal or variation of requirements relating to certified savings arrangements. It will allow HMRC to assist companies that have offered SAYE contracts to their employees shortly before HMRC gives notice of withdrawal or variation of certified SAYE savings arrangements.
12.New subsections (a) and (b) inserted in section 706(3) restate existing rules about the withdrawal and variation of requirements. New subsection (c) has the effect that HMRC may specify that certain SAYE contracts made after a withdrawal and variation will not be affected by the change. This means, for example, that certain savings contract may continue to reflect bonus rates in force before the change. The contracts to which this will apply are to be specified in the notice from the Commissioners for HMRC to savings providers announcing the change.