Income Tax (Earnings and Pensions) Act 2003 section Schedule 5 paragraph 59

Index of defined expressions

Schedule 5 paragraph 59 provides a comprehensive glossary of all the defined terms used throughout the Enterprise Management Incentives (EMI) code, directing the reader to where each term is formally defined.

• The EMI code uses numerous technical terms, each of which has a precise legal definition found either within Schedule 5 itself or in other legislation such as the Income Tax Act 2007.
• Key company-related terms — such as "qualifying company", "employer company", "parent company", "qualifying subsidiary", "close company", and "group of companies" — are each defined in specific paragraphs of Schedule 5 or in section 989 of ITA 2007.
• Key option-related terms — including "qualifying option", "replacement option", "share option", "original option", "old option", and "new option" — are defined in section 527(4) of ITEPA 2003 or in specific paragraphs of Schedule 5, providing clarity on how options are categorised and treated.
• Other important terms such as "eligible employee", "qualifying trade", "excluded activities", "disqualifying event", "market value", "control", "earnings", and "tax year" are all given precise definitions to ensure consistent interpretation of the EMI rules.