Section 703 | Meaning 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 a 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.^F1

(3)In subsection (2)—^F2

“to participate” means to obtain and exercise rights under the scheme, and

“Schedule 3 SAYE option scheme” has the meaning given in Schedule 3 to ITEPA 2003.