(1)In this Chapter “asset” includes any property and in particular any investment of a kind specified in Part 3 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544).
This is subject to subsection (2).
(2)In this Chapter “asset” does not include—
(a)any payment actually made of, or on account of, PAYE income;
(b)subject to section 700(6), any cash voucher, non-cash voucher or credit-token;
(c)the following—
(i)any shares acquired by the employee (whether or not as a result of the exercise of a right to acquire shares) under a scheme approved under Schedule 3 (approved SAYE option schemes) or 4 (approved CSOP schemes), or Schedule 9 to ICTA (approved profit sharing schemes),
(ii)any right over or interest in shares obtained or acquired by the employee under such a scheme, or
(iii)any shares acquired by the employee as the result of the exercise of a right over shares obtained before 27th November 1996,
if the shares in question form part of the ordinary share capital of a company falling within subsection (3); or
(d)any description of property for the time being excluded from the scope of this section by PAYE regulations.
(3)A company falls within this subsection if it—
(a)is the employer (“the employer company”);
(b)has control of the employer company; or
(c)either is, or has control of, a company which is a member of a consortium owning either the employer company or a company having control of the employer company.
(4)In this section “share” includes stock.
(5)For the purposes of this section a company is a member of a consortium owning another company if it is one of a number of companies which between them beneficially own not less than 75% of the other company’s ordinary share capital and each of which beneficially owns not less than 5% of that capital.