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Legislation
Income Tax (Earnings and Pensions) Act 2003

Crossheading Application of Chapters 2 to 4A

  • Section 421B Application of Chapters 2 to 4A
  • Section 421C Associated persons
  • Section 421D Replacement and additional securities and changes in interests
  • Section 421E Exclusions: residence etc
  • Section 421F Exclusions: public offers
  • Section 421G Exclusions: approved plan or scheme securities
  • Section 421H Meaning of “employee-controlled” etc
  • Section 421I Consideration for acquisition of employment-related securities
  1. Application of Chapters 2 to 4A
  2. Meaning of “employee-controlled” etc

Section 421H | Meaning of “employee-controlled” etc F1

From legislation.gov.uk

(1)For the purposes of Chapters 2 to 4 a company is “employee-controlled” by virtue of shares of a class if—F1

(a)the majority of the company’s shares of that class (other than any held by or for the benefit of an associated company) are held by or for the benefit of employees of the company or a company controlled by the company, andF1

(b)those employees are together able as holders of the shares to control the company.F1

In this subsection “employee” includes a person who is to be or has been an employee.

(2)In this section and Chapters 2 to 4 “associated company” has the meaning given by section 449 of CTA 2010.F1F2

Notes

  1. F1

    Pt. 7 Ch. 1 substituted (with effect in accordance with Sch. 22 para. 2(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 2(1)

  2. F2

    Words in s. 421H(2) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 386 (with Sch. 2)

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