Version Superseded: 17/07/2013
Point in time view as at 03/08/2005.
Income Tax (Earnings and Pensions) Act 2003, Paragraph 48 is up to date with all changes known to be in force on or before 06 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
48(1)In the SAYE code—U.K.
“ [F1certified SAYE savings arrangement] ” has the meaning given in [F2section 703(1) of ITTOIA 2005] ;
“company” means a body corporate;
“market value” has the same meaning as it has for the purposes of TCGA 1992 by virtue of Part 8 of that Act.
(2)For the purposes of the SAYE code a company is a member of a consortium owning another company if it is one of a number of companies—
(a)which between them beneficially own not less than 75% of the other company’s ordinary share capital, and
(b)each of which beneficially owns not less than 5% of that capital.
Textual Amendments
F1Words in Sch. 3 para. 48(1) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 618(11)(a) (with Sch. 2)
F2Words in Sch. 3 para. 48(1) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 618(11)(b) (with Sch. 2)
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