SCHEDULES

SCHEDULE 5U.K.Enterprise management incentives

Part 4U.K.Eligible employees

Meaning of “working time”U.K.

27(1)In paragraph 26 “working time” means—U.K.

(a)time spent on remunerative work as an employee or self-employed person, or

(b)time which would have been so spent but for any of the reasons set out in paragraph 26(3)(a) to (d).

(2)In sub-paragraph (1)(a) “remunerative work”, in the context of work undertaken as an employee, means work the earnings from which—

(a)are general earnings to which section 15 [F1applies (earnings for year when employee UK resident)], or

(b)would be general earnings within paragraph (a) if the employee were [F2UK resident (and none of sections 809B, 809D and 809E of ITA 2007 (remittance basis) applied to the employee).]

(3)In sub-paragraph (1)(a) “remunerative work”, in the context of work undertaken as a self-employed person, means work which is undertaken with a view to profit and the profits (if any) from which—

(a)are (or would be) chargeable to tax [F3as the profits of a trade, profession or vocation carried on wholly or partly in the United Kingdom], or

(b)would be so chargeable if the employee were resident F4... in the United Kingdom.

Textual Amendments

F1Words in Sch. 5 para. 27(2)(a) substituted (with effect in accordance with Sch. 7 para. 81 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 43(a)

F2Words in Sch. 5 para. 27(2)(b) substituted (with effect in accordance with Sch. 7 para. 81 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 43(b)

F3Words in Sch. 5 para. 27(3)(a) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 620(2) (with Sch. 2)

F4Words in Sch. 5 para. 27(3)(b) omitted (with effect in accordance with Sch. 46 para. 72 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 42

Modifications etc. (not altering text)

C1Sch. 5 para. 27 modified (temp.) (with effect in accordance with s. 107(5) of the affecting Act) by 2020 c. 14, s. 107(1)(3) (as substituted by Finance Act 2021 (c. 26), s. 24)