Prior to Finance Act 2013, no employee could enter into a Savings-Related Share Option Scheme if he or she held, or had held within the preceding twelve months, a material interest in the company, and it was a close company (generally, one under the control of five or fewer participators, or of participators that are directors) (ITEPA 2003, Sch. 3, para. 11ff , discussed below.). This requirement has been removed for the purpose of determining whether an individual is eligible to participate in a SAYE scheme from 17 July 2013 (including under SAYE schemes approved before that date).

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