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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