Income Tax (Earnings and Pensions) Act 2003 section Schedule 3 paragraph 4

General requirements for approval: introduction

Schedule 3 paragraph 4 introduces the four general requirements that every SAYE option scheme must satisfy in order to qualify for tax-advantaged status.

• The scheme's contents must comply with the general restrictions set out in the legislation
• The scheme must be open to all employees, reflecting its all-employee nature
• Employees must be able to participate on similar terms to one another
• Directors and senior employees must not receive preferential treatment under the scheme