SCHEDULES

SCHEDULE 5U.K.Enterprise management incentives

Part 4 U.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 or 21 applies (earnings for year when employee resident or ordinarily resident in the United Kingdom), or

(b)would be general earnings within paragraph (a) if the employee were resident and ordinarily resident in the United Kingdom.

(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 under Case I or II of Schedule D, or

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