Income Tax (Trading and Other Income) Act 2005 section 703

Meaning of "certified SAYE savings arrangement"

Section 703 defines what constitutes a "certified SAYE savings arrangement" and the related concept of a "linked savings arrangement" for the purposes of the Save As You Earn interest exemption rules.

• A certified SAYE savings arrangement is a linked savings arrangement that has been formally certified under the certification process set out in the legislation
• A linked savings arrangement must be of a type recognised by the legislation and must be connected to a Save As You Earn share option scheme
• The individual entering the arrangement must be eligible to take part in a Schedule 3 SAYE option scheme and must commit to making regular contributions over a fixed period
• Participation in the scheme means both obtaining rights under the scheme and exercising those rights, such as purchasing shares at a discounted price