SAYE option scheme
A type of employee share scheme (often instead referred to as a sharesave scheme, save as you earn option scheme or savings related share option scheme) which provides for the grant of share options. The exercise price can be set at up to a 20% discount to the market value at the time of grant.
Participation must be available to all employees, subject to a qualifying period of service which cannot be more than with five years (and others may be included). The grant of the option is conditional on the employee taking out a linked savings arrangement with a bank or building society to save up the option exercise price. Option holders save up to £250 per month from salary. Options are normally exercisable for six months after three, five or seven years. Such schemes are approved by HM Revenue & Customs (HMRC) under Schedule 3 to the Income Tax (Earnings and Pensions) Act 2003.
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Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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  • save as you earn scheme — (SAYE, SAYE scheme) See savings related share option scheme. Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010 …   Law dictionary

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