2(1)A share option linked scheme is a scheme under which periodical contributions are to be made by an individual—
(a)who is eligible to participate in (that is, to obtain and exercise rights under) an approved [F1SAYE] option scheme, and
(b)who is to make the contributions for the purpose of enabling him to participate in that approved scheme.
[F2(2)In sub-paragraph (1) above, “approved” and “SAYE option scheme” have the same meanings as in the SAYE code (see section 516(4) of ITEPA 2003 (approved SAYE option schemes)).]
Textual Amendments
F1Word in Sch. 15A para. 2(1)(a) substituted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 120(2) (with Sch. 7)
F2Sch. 15A para. 2(2) substituted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 120(3) (with Sch. 7)