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HMRC internal manual

Employee Tax Advantaged Share Scheme User Manual

HM Revenue & Customs
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Schedule 3 SAYE Option Scheme: General requirements: Introduction

The scheme must meet the purpose of providing benefits in the form of share options to employees and directors. The scheme must not provide benefits to employees or directors other than in accordance with Schedule 3 ITEPA, for example it must not provide cash to employees as an alternative to share options or shares that might otherwise be acquired by the exercise of share options.