Income Tax (Earnings and Pensions) Act 2003 section Schedule 3, paragraph 2

SAYE option schemes

Section Schedule 3, paragraph 2 defines what an SAYE option scheme is and sets out the key terms used throughout the SAYE code when referring to such schemes.

• An SAYE option scheme is a company-established scheme that grants share options to employees and directors, with shares paid for through approved savings arrangements.
• A "participant" is someone who holds share options under the scheme but has not yet exercised them.
• To "participate" means to obtain and then exercise share options under the scheme.
• The "scheme organiser" is the company that established the scheme.