Income Tax (Earnings and Pensions) Act 2003 (c. 1)

Part 7 U.K. Employment income: share-related income and exemptions

Chapter 5 U.K. Share options

Supplementary provisions U.K.

487 Minor definitions U.K.

(1) In this Chapter—

• “company” means a body corporate;

• “director”—

  (a)

  in the case of a company whose affairs are managed by a board of directors or similar body, means a member of that board or similar body,

  (b)

  in the case of a company whose affairs are managed by a single director or similar person, means that director or person,

  (c)

  in the case of a company whose affairs are managed by its members, means a member,

  and includes a person who is to be or has been a director;

• “employee” includes—

  (a)

  in relation to a company, a person taking part in the management of the affairs of the company who is not a director, and

  (b)

  a person who is to be or has been an employee;

• “secondary Class 1 contributions” has the same meaning as in the Contributions and Benefits Act (see section 1);

• “shares” includes—

  (a)

  stock, and

  (b)

  any securities as defined in section 254(1) of ICTA issued by a company;

• “the Contributions and Benefits Act” means SSCBA 1992 or SSCB(NI)A 1992.

(2) In this Chapter—

• “share option”,

• “the employee”, and

• “the share option”,

• have the meaning indicated in section 471(4).