SCHEDULES

SCHEDULE 3... SAYE option schemes

Part 5Requirement for linked savings arrangement

Requirements as to contributions to savings F1arrangements

25

(1)

The scheme must provide for a person’s contributions under the F2the approved savings arrangement to be of an amount that will secure, as nearly as possible, repayment of an amount equal to the option price.

(2)

The “option price” means the amount payable, on exercising share options granted under the scheme, in order to acquire the maximum number of shares that may be acquired under them (see paragraph 28).

(3)

The scheme must neither—

(a)

permit the aggregate amount of a person’s contributions under F3certified SAYE savings arrangements linked to F4Schedule 3 SAYE option schemes to exceed F5£500 per month, nor

(b)

impose a minimum on the amount of a person’s contributions which exceeds £10 per month.

(4)

The Treasury may by order amend sub-paragraph (3) by substituting for any amount for the time being specified there an amount specified in the order.