Part 6Exempt income

Chapter 4SAYE interest

702Interest under certified SAYE savings arrangements

1

No liability to income tax arises in respect of interest payable under a certified SAYE savings arrangement.

2

In this section “certified SAYE savings arrangement” has the meaning given in section 703(1).

3

Subsection (1) is subject to—

a

section 707(1) (which requires the providers of certain arrangements to be authorised), and

b

paragraph 7 of Schedule 12 to FA 1988 (application of exemption on change of status of building society).

4

In this Chapter “interest” includes any bonus.