Part 7F1Employment income: income and exemptions relating to securities
Chapter 10Priority share allocations
Supplementary provisions
548Minor definitions
1
In this Chapter—
“director” means—
- a
in relation to a company whose affairs are managed by a board of directors or similar body, a member of that body,
- b
in relation to a company whose affairs are managed by a single director or similar person, that director or person, and
- c
in relation to a company whose affairs are managed by the members themselves, a member of the company, and
includes any person in accordance with whose directions or instructions the directors of the company (as defined in paragraphs (a) to (c)) are accustomed to act and a person who is to be, or has ceased to be, a director (as so defined);
- a
“employee” includes a person who is to be or has been an employee;
“shares” includes stock;
“the employee offer” and “the public offer” have the meanings given by section 544(1).
2
For the purposes of subsection (1) a person is not to be regarded as a person in accordance with whose directions or instructions the directors of the company are accustomed to act merely because the directors act on advice given by that person in a professional capacity.
3
References in this Chapter—
a
to the employment, in relation to an employee, are to the employment of that employee, and
b
to the office, in relation to a director, are to the office of that director.
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)