There are four requirements relating to shares that ‘a SAYE option scheme must meet’ (ITEPA 2003, Sch. 3, para. 17(1)). Three of them relate to the shares that are the subject of the SAYE scheme; the fourth relates to ‘other shareholdings’ (and is dealt with at ¶470-200). A further requirement (permitting only certain kinds of restriction) was omitted (by Finance Act 2013), for options granted on or after 17 July 2013.
From 6 April 2014 (per Finance Act 2014 amendment) all of these conditions are expressed to be ‘subject to para. 37(6B) ’. This provides as follows:
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