28(1)An individual is not an eligible employee in relation to the relevant company if the individual has a material interest—U.K.
(a)in that company, or
(b)if that company is a parent company, in any member of the group.
(2)For the purposes of this paragraph an individual is to be regarded as having a material interest in a company if—
(a)the individual,
(b)the individual together with one or more of the individual’s associates, or
(c)any such associate, with or without any other such associates,
has a material interest in the company.
(3)This paragraph is supplemented—
(a)as regards the meaning of “material interest”, by paragraphs 29 and 30; and
(b)as regards the meaning of “associate” by paragraph 31 (read with paragraphs 32 and 33).