ETASSUM52140 | Enterprise Management Incentives (EMI): Excluded activities: Property development

Paragraph 20, Schedule 5 of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA)

Property development is defined as the development of land in which the company has, or has had, an interest, with the object of realising a gain from the disposal of the land when developed. It includes redevelopment.

For this purpose, ‘interest in land’ is defined in the legislation as any estate, interest or right over land including any right affecting the use or disposition of land; or any right to obtain such an estate, interest or right from another person, which is conditional upon the other person’s ability to grant it.

References to an interest in land for this purpose do not include mortgage creditors or (in Scotland) the interest of a creditor in a charge or security of any kind over land.