A SAYE scheme must be approved by which authority?

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Prepare for the QFA Investments Exam 1. Study with flashcards and multiple-choice questions with detailed explanations. Enhance your understanding and succeed on your exam!

Multiple Choice

A SAYE scheme must be approved by which authority?

Explanation:
In Ireland, a SAYE scheme must be approved by the Revenue Commissioners, the tax authority. They review the scheme’s rules to ensure it meets the conditions for tax-advantaged treatment, such as how savings are gathered and how options can be exercised. Once Revenue approves the scheme, it can qualify for the intended tax relief for both the savings and any option gains. The other bodies listed play different roles (Central Bank regulates financial markets and institutions; Department of Finance handles policy and public finances; the others are not responsible for approving SAYE schemes), so they do not grant this approval.

In Ireland, a SAYE scheme must be approved by the Revenue Commissioners, the tax authority. They review the scheme’s rules to ensure it meets the conditions for tax-advantaged treatment, such as how savings are gathered and how options can be exercised. Once Revenue approves the scheme, it can qualify for the intended tax relief for both the savings and any option gains. The other bodies listed play different roles (Central Bank regulates financial markets and institutions; Department of Finance handles policy and public finances; the others are not responsible for approving SAYE schemes), so they do not grant this approval.

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