Paragraph 2

United Kingdom

(1)

In the SAYE code an “SAYE option scheme” means (in accordance with section 516(4)) a scheme established by a company which provides—

(a)

for share options to be granted to employees and directors, and

(b)

for the shares acquired by the exercise of the share options to be paid for in the way mentioned in paragraph 24 (payments for shares to be linked to approved F1savings arrangements).

(2)

In the SAYE code, in relation to an SAYE option scheme—

“participant” means an individual who has been granted (but has not yet exercised) share options under the scheme (“the options”);
“participate” means obtain and exercise share options under the scheme;
“the scheme organiser” means the company which has established the scheme.

Annotations

Textual amendments

F1: Words in Sch. 3 para. 2(1)(b) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 618(3) (with Sch. 2)

Notes on Schedule 3

Textual amendments

F1: Word in Sch. 3 title omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 103, 146 (with Sch. 8 paras. 147-157)