Income Tax (Trading and Other Income) Act 2005 section 707

Authorisation of providers

Section 707 sets out the requirement for providers of institutional SAYE savings arrangements to be authorised by the Commissioners before the tax exemption on interest can apply.

• For institutional arrangements, the SAYE interest exemption under section 702(1) only applies if the provider is authorised by the Commissioners at the time the contract is made
• Where authorisation is granted subject to conditions, those conditions must be satisfied at the time the contract is entered into
• Authorisation may cover arrangements generally or be limited to a specific arrangement
• A single provider may hold more than one authorisation from the Commissioners