Income Tax (Earnings and Pensions) Act 2003 Schedule 5 paragraph 16

Excluded activities

Paragraph 16 of Schedule 5 lists the business activities that are classified as "excluded activities" for the purposes of the Enterprise Management Incentives (EMI) share option scheme, meaning a company substantially involved in these activities will not qualify.

• Financial and trading activities such as dealing in land, commodities, shares or financial instruments, banking, insurance, money-lending, debt-factoring and hire-purchase financing are all excluded
• Leasing (including chartering ships), receiving royalties or licence fees, providing legal or accountancy services, and property development are excluded activities
• Primary industries including farming, market gardening, forestry, timber production, shipbuilding, coal production and steel production are all excluded
• Operating or managing hotels, comparable establishments, nursing homes or residential care homes — or managing property used for those purposes — are also excluded activities