Income Tax (Earnings and Pensions) Act 2003 Schedule 3 paragraph 19

Requirements as to listing

Schedule 3 paragraph 19 sets out the types of shares that qualify as eligible shares for the purposes of a SAYE (Save As You Earn) option scheme, focusing on listing and company control requirements.

• Eligible shares must be listed on a recognised stock exchange, or belong to a company not controlled by another company, or belong to a company subject to an employee-ownership trust, or belong to a company controlled by a listed company
• A "listed company" is one whose shares are listed on a recognised stock exchange, provided it is not a close company (or would not be one if UK-resident)
• A company subject to an employee-ownership trust is not treated as a close company for the purposes of the listed company definition
• The employee-ownership trust concept follows the same meaning as used in the Share Incentive Plan rules in Schedule 2