Income Tax (Trading and Other Income) Act 2005 section 139-141

SAYE interest

Sections 139 to 141 provide transitional rules for Save As You Earn (SAYE) savings arrangements that were certified or established under the old ICTA regime, preserving their status and exempting certain older schemes from newer Treasury rules.

• Any SAYE scheme certified under section 326(2)(c), (3)(b) or (4)(b) of ICTA before 1 December 1994 is automatically treated as a certified SAYE savings arrangement under Chapter 4 of Part 6 of the Act.
• A European authorised institution arrangement established before 2 May 1995 is not regarded as an institutional arrangement for the purposes of Chapter 4 of Part 6.
• Any scheme certified under section 326(3)(b), (4)(b) or (5)(b) of ICTA before 31 July 1995 is exempt from both the Treasury specification rules (sections 705 and 706) and the Treasury authorisation rules (sections 707 and 708).
• These provisions ensure that older SAYE schemes already operating under ICTA certification are not disrupted by the requirements introduced in the 2005 Act.