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Income Tax (Trading and Other Income) Act 2005

Section 703: Meaning of “certified SAYE savings arrangement”

2696.This section is based on section 326 of and Schedule 15A to ICTA. It introduces the term “linked savings arrangement”, defined in subsection (2). The source legislation refers to “contractual savings schemes” but this is only one of a number of names by which these arrangements are known. As any arrangement entered into since 1994 must be linked to a SAYE option scheme, “linked savings arrangement” reflects the present position.

2697.Subsection (2) introduces the various types of arrangement (set out in section 704) and the required link between the savings arrangement and the SAYE option scheme. Paragraphs 139 to 141 of Schedule 2 to this Act preserve the commencement rules for the amendments to this relief introduced by Schedule 12 to FA 1995. Those paragraphs affect what is or is not a certified SAYE savings arrangement.

2698.The definitions in subsection (3) are based on terms used and definitions provided by Schedule 15A to ICTA.

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