Part 6Exempt income

Chapter 4SAYE interest

703Meaning of “certified SAYE savings arrangement”

1

In this Chapter “certified SAYE savings arrangement” means a linked savings arrangement which is certified under section 705.

2

In this Chapter “linked savings arrangement” means an arrangement—

a

which is of a kind specified in section 704(1), and

b

under which an individual who is eligible to participate in F1a Schedule 3SAYE option scheme enters into a contract to make periodical contributions for a specified period for the purpose of being able to participate in that scheme.

3

In subsection (2)—

  • “to participate” means to obtain and exercise rights under the scheme, and

  • F2“Schedule 3 SAYE option scheme” has the meaning given in Schedule 3 to ITEPA 2003.