Income Tax (Earnings and Pensions) Act 2003 section Schedule 3 paragraph 17

Requirements relating to shares that may be subject to share options: introduction

Section Schedule 3 paragraph 17 introduces the requirements that the shares under an SAYE option scheme must satisfy, and defines the term "eligible shares" used throughout this part of the legislation.

• Shares under an SAYE option scheme must be ordinary shares of certain specified companies
• The shares must meet listing requirements, be fully paid up, and not be redeemable
• There are additional requirements relating to other shareholdings held by the participant
• All of these requirements are subject to the conditions set out in paragraph 37(6B)