C1Part 7F2Employment income: income and exemptions relating to securities
Pt. 7: power to modify conferred (7.4.2005) by Finance Act 2005 (c. 7), s. 21(8)-(10)
F1Chapter 1Introduction
Pt. 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)
Application of Chapters 2 to F34A
Word in s. 421B cross-heading substituted (with effect in accordance with s. 20(5) of the amending Act) by Finance Act 2005 (c. 7), s. 20(3)(b)
421HMeaning of “employee-controlled” etc
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.
Pt. 7 heading 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)