Save As You Earn ('SAYE') option schemes combine a share option scheme with a savings scheme used to finance the acquisition of shares under the option1. The main conditions for tax-advantaged treatment are:
(1) the employee's savings contribution must not exceed £500 a month2;
(2) all employees (full-time and part-time) must be permitted to participate3;
(3) the price paid for the shares must not exceed the proceeds of the linked savings contract4;
(4) the shares must be ordinary shares, quoted, fully paid up and not redeemable5;
(5) the price at which the shares may be acquired must not be
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