# Income Tax (Earnings and Pensions) Act 2003, Paragraph 1

Extent: E+W+S+N.I.

(A1) For the purposes of the SAYE code an SAYE option scheme is a Schedule 3 SAYE option scheme if the requirements of Parts 2 to 7 of this Schedule are met in relation to the scheme.
(3) The requirements consist of general requirements (see Part 2) and requirements as to—
the eligibility of individuals to participate in a scheme (see Part 3),
the shares to which schemes can apply (see Part 4),
the existence of a linked savings arrangement (see Part 5),
the share options that may be granted under the scheme (see Part 6), and
the exchange of share options (see Part 7).
(4) Sub-paragraph (A1) is subject to Part 8 of this Schedule which—
(a) requires notice of a scheme to be given to Her Majesty's Revenue and Customs (“HMRC”) in order for the scheme to be a Schedule 3 SAYE option scheme (see paragraph 40A(1)),
(b) provides for a scheme in relation to which such notice is given to be a Schedule 3 SAYE option scheme (see paragraph 40A(4)), and
(c) gives power to HMRC to enquire into a scheme and to decide that the scheme should not be a Schedule 3 SAYE option scheme (see paragraphs 40F to 40I).

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Source: https://www.legislation.gov.uk/ukpga/2003/1/schedule/3/paragraph/1 (the official version)
Page: https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-3/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.