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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: All-employee nature of scheme

Paragraph 6 states that every person who meets the following criteria is eligible to participate in the scheme. The person:

  • is an employee or a full time director (see ETASSUM32180),
  • has been a full time director or employee for a qualifying period set out in the scheme rules of not more than 5 years (see ETASSUM32190), and
  • has earnings from the office or employment that are general earnings within section 15  of ITEPA (see ETASSUM32200).

(Prior to 17th July 2013, anyone who owned more than 25 % of the company was ineligible to participate in an SAYE scheme. This was the ‘material interest ‘ test).