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HMRC internal manual

Employee Tax Advantaged Share Scheme User Manual

Schedule 3 SAYE option schemes: Linkage to Savings (Arrangement): Monthly savings limits

The scheme must not permit a person’s aggregate monthly savings contributions under any savings contract linked to a Schedule 3 SAYE  option scheme, to exceed the relevant statutory maximum limit (paragraph 25(3)(a)). The statutory maximum limit is £500 per month, increased from £250 per month from 6 April 2014.

The scheme may set a lower maximum than the statutory limit if the company wishes.

The SAYE Prospectus also seeks to administer a similar maximum limit by requiring employees applying to enter into a savings contract to declare that by doing so they will not exceed the relevant monthly limits. Further information about the declaration required by the SAYE Prospectus is at ETASSUM34150.

The scheme may impose a minimum monthly savings limit for savings contracts entered into by option-holders. If it does so it must not be more than £10 per month (paragraph 25(3)(b)).

The SAYE Prospectus also imposes a minimum monthly contribution under a savings contract.  This is currently £5 per month.