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HMRC internal manual

Employee Tax Advantaged Share Scheme User Manual

Schedule 3 SAYE Option Scheme: Eligibility of individuals to participate: The employment requirement: Exercise of options

Paragraph 10 requires that in order to participate in a Schedule 3 SAYE option scheme individuals must be current employees or directors. This means that individuals must be current employees or directors both at the time of grant and at the time of exercise except in certain circumstances set out in the legislation (see ETASSUM35360+).