Version Superseded: 06/04/2007
Point in time view as at 18/04/2005.
Income Tax (Earnings and Pensions) Act 2003, Paragraph 59 is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
59U.K.In the EMI code the following expressions are defined or otherwise explained by the provisions indicated below:
| the appropriate time | paragraph 1(4) |
| arrangements | paragraph 58(1) |
| child | section 832(5) of ICTA, (and see section 721(6) of this Act) |
| close company | section 832(1) of ICTA, (and see paragraph 29(4)) |
| closure notice | paragraph 47(4) |
| company | paragraph 58 |
| company reorganisation (in Part 6 of this Schedule) | paragraph 39(2) |
| connected person | section 718 |
| control | section 719 (and see paragraphs 10(2) and 23(6)) |
| disqualifying event | see sections 532 to 539 |
| distribution | section 832(1) of ICTA |
| earnings | section 62 and see section 721(7) |
| the EMI code | section 527(3) |
| employee and employment | section 4 |
| eligible employee | paragraph 24 |
| employer company | paragraph 2 |
| excluded activities | paragraph 16 |
| farming | section 832(1) of ICTA |
| General Commissioners | section 2 of TMA 1970 |
| generally accepted accounting practice | [F1section 50(1) of the Finance Act 2004] |
| group of companies | paragraph 58 |
| the group | paragraph 58 |
| F2. . . | F2... |
| market value | paragraph 55 (and see paragraph 5(7)) |
| met (in Part 7 of this Schedule) | paragraph 44(7) |
| new option | paragraph 41(7) |
| notice | section 832(1) of ICTA |
| [F3offshore installation] | [F3section 837C of ICTA] |
| old option | paragraph 41(7) |
| ordinary share capital | section 832(1) of ICTA |
| original option | section 529(3) |
| parent company | paragraph 58 |
| personal representatives | section 721(1) |
| qualifying company | paragraph 8 |
| qualifying option | section 527(4) (and see paragraph 41(5)) |
| qualifying subsidiary | paragraph 11 |
| qualifying trade | paragraph 15 |
| relevant company | paragraph 2 |
| replacement option | section 527(4) |
| the requirements of this Schedule | section 527(4) |
| research and development | paragraph 58 |
| share option | section 527(4) |
| shares | paragraph 58 (and see paragraph 40(4)(a)) |
| single company | paragraph 58 |
| Special Commissioners | section 4 of TMA 1970 |
| 51% subsidiary | section 838(1) of ICTA |
| tax | section 832(3) of ICTA |
| tax year | section 721(1) |
| trade | section 832(1) of ICTA |
| United Kingdom | section 830 of ICTA |
Textual Amendments
F1Words in Sch. 5 para. 59 substituted (7.4.2005) by Finance Act 2005 (c. 7), Sch. 4 para. 48
F2Words in Sch. 5 para. 59 repealed (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 124(f), Sch. 5; S.I. 2005/1126, art. 2(2)(h)(i)
F3Words in Sch. 5 para. 59 inserted (with effect in accordance with Sch. 27 para. 17(6)(7) of the amending Act) by Finance Act 2004 (c. 12), Sch. 27 para. 17(5)
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