SCHEDULE 5Enterprise management incentives
Part 4Eligible employees
Meaning of “associate”
31
(1)
In paragraph 28(2) (the “no material interest” requirement) “associate”, in relation to an individual, means—
(a)
any relative or partner of that individual,
(b)
the trustee or trustees of any settlement in relation to which that individual, or any of that individual’s relatives (living or dead), is or was a settlor, and
(c)
where that individual is interested in any shares or obligations of the company mentioned in paragraph 28(2) which are subject to any trust, or are part of the estate of a deceased person—
(i)
the trustee or trustees of the settlement concerned, or
(ii)
the personal representatives of the deceased,
as the case may be.
(2)
Sub-paragraph (1)(c) needs to be read with paragraphs 32 and 33 (which relate to employee benefit trusts and discretionary trusts).
(3)
In this paragraph—
“relative” means—
(a)
spouse F1or civil partner , or
(b)
parent, child or remoter relation in the direct line;
“settlor” and “settlement” have the same meaning as in F2Chapter 5 of Part 5 of ITTOIA 2005 (see section 620 of that Act) .