Income Tax (Earnings and Pensions) Act 2003 Schedule 5 paragraph 58

Minor definitions

Paragraph 58 of Schedule 5 provides definitions for several key terms used throughout the Enterprise Management Incentives (EMI) code.

  • "Arrangements" is broadly defined to include any scheme, agreement or understanding, regardless of whether it is legally enforceable.
  • A "group of companies" consists of a parent company and its 51% subsidiaries, while a "single company" is one with no such subsidiaries.
  • "Research and development" takes its meaning from section 1006 of the Income Tax Act 2007, and "shares" is defined to include stock.
  • "Company" simply means a body corporate — that is, any incorporated entity.

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