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Income Tax (Earnings and Pensions) Act 2003

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Explanatory Notes
Explanatory Notes
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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Changes over time for: Part 3

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Status:

Point in time view as at 02/12/2019.

Changes to legislation:

Income Tax (Earnings and Pensions) Act 2003, Part 3 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.

Part 3U.K.Eligibility of individuals to participate in scheme

Requirements relating to the eligibility of individuals: introductionU.K.

9U.K.An SAYE option scheme must meet the requirements of—

paragraph 10 (the employment requirement),
F1...

Textual Amendments

F1Words in Sch. 3 para. 9 omitted (with effect in accordance with Sch. 2 para. 43 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 2 para. 40

The employment requirementU.K.

10(1)The scheme must ensure that an individual is not eligible to participate in the scheme at a particular time unless the individual is then a director or employee of—U.K.

(a)the scheme organiser, or

(b)in the case of a group scheme, a constituent company.

(2)The requirement of this paragraph is not infringed by a provision of the scheme required or authorised by a provision of this Schedule.