Version Superseded: 01/04/2010
Point in time view as at 03/08/2005. This version of this provision has been superseded.
Income Tax (Earnings and Pensions) Act 2003, Section 421H is up to date with all changes known to be in force on or before 06 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.
(1)For the purposes of Chapters 2 to 4 a company is “employee-controlled” by virtue of shares of a class if—
(a)the majority of the company’s shares of that class (other than any held by or for the benefit of an associated company) are held by or for the benefit of employees of the company or a company controlled by the company, and
(b)those employees are together able as holders of the shares to control the company.
In this subsection “employee” includes a person who is to be or has been an employee.
(2)In this section and Chapters 2 to 4 “associated company” has the same meaning as, by virtue of section 416 of ICTA, it has for the purposes of Part 11 of ICTA.]
Textual Amendments
F1Pt. 7 Ch. 1 substituted (with effect in accordance with Sch. 22 para. 2(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 2(1)
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