Part 6Exempt income
Chapter 4SAYE interest
703Meaning of “certified SAYE savings arrangement”
(1)
In this Chapter “certified SAYE savings arrangement” means a linked savings arrangement which is certified under section 705.
(2)
In this Chapter “linked savings arrangement” means an arrangement—
(a)
which is of a kind specified in section 704(1), and
(b)
under which an individual who is eligible to participate in F1a Schedule 3 SAYE option scheme enters into a contract to make periodical contributions for a specified period for the purpose of being able to participate in that scheme.
(3)
In subsection (2)—
“to participate” means to obtain and exercise rights under the scheme, and
F2“Schedule 3 SAYE option scheme” has the meaning given in Schedule 3 to ITEPA 2003.