Income Tax (Earnings and Pensions) Act 2003 section 548

Minor definitions

Section 548 defines several key terms used throughout the chapter on priority share allocations, including "director", "employee", "shares", and certain offer-related terms.

• A "director" includes board members, sole directors, or company members who manage the company, as well as shadow directors whose directions the formal directors follow — but not professional advisers acting in that capacity.
• An "employee" is broadly defined to include prospective employees and former employees, not just those currently in post.
• "Shares" includes stock, ensuring both forms of equity holding are covered by the chapter's provisions.
• The terms "the employee offer" and "the public offer" take their meanings from section 544(1), which sets out the conditions for the priority share allocation exemption.