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Change 1
As published
33 Enterprise management incentives: qualifying companies
(1) Part 3 of Schedule 5 to ITEPA 2003 (enterprise management incentives: qualifying companies) is amended as follows.
(2) In paragraph 8 (qualifying companies: introduction), omit the “and” at the end of the entry relating to paragraph 12, and after that entry insert— “ number of employees (see paragraph 12A), and ”.
(3) After paragraph 12 insert—
The number of employees requirement
12A (1) The number of employees requirement in the case of a single company is that the full-time equivalent employee number for it is less than 250.
(2) The number of employees requirement in the case of a parent company is that the sum of—
(a) the full-time equivalent employee number for it, and
(b) the full-time equivalent employee numbers for each of its qualifying subsidiaries,
is less than 250.
(3) The full-time equivalent employee number for a company is calculated as follows—
Step 1
Find the number of full-time employees of the company.
Step 2
Add, for each employee of the company who is not a full-time employee, such fraction as is just and reasonable.
The result is the full-time equivalent employee number.
(4) In this paragraph references to an employee—
(a) include a director, but
(b) do not include—
(i) an employee on maternity or paternity leave, or
(ii) a student on vocational training.
(4) In paragraph 16 (excluded activities), after paragraph (i) insert—
(ia) shipbuilding (see also paragraph 20A);
(ib) producing coal (see also paragraph 20B);
(ic) producing steel (see also paragraph 20C);
.
(5) After paragraph 20 insert—
Excluded activities: shipbuilding
20A In paragraph 16(ia) “shipbuilding” has the same meaning as in the Framework on state aid to shipbuilding (2003/C 317/06), published in the Official Journal on 30 December 2003.
Excluded activities: producing coal
20B (1) This paragraph supplements paragraph 16(ib).
(2) “Coal” has the meaning given by Article 2 of Council Regulation (EC) No. 1407/2002 (state aid to coal industry).
(3) The production of coal includes the extraction of it.
Excluded activities: producing steel
20C In paragraph 16(ic) “steel” means any of the steel products listed in Annex 1 to the Guidelines on national regional aid (2006/C 54/08), published in the Official Journal on 4 March 2006.
(6) The amendments made by this section have effect in relation to options granted on or after the day on which this Act is passed.
Your change, as a redline
33 Enterprise management incentives: qualifying companies
(1) Part 3 of Schedule 5 to ITEPA 2003 (enterprise management incentives: qualifying companies) is amended as follows.
(2) In paragraph 8 (qualifying companies: introduction), omit the “and” at the end of the entry relating to paragraph 12, and after that entry insert— “ number of employees (see paragraph 12A), and ”.
(3) After paragraph 12 insert—
The number of employees requirement
12A (1) The number of employees requirement in the case of a single company is that the full-time equivalent employee number for it is less than 250.
(2) The number of employees requirement in the case of a parent company is that the sum of—
(a) the full-time equivalent employee number for it, and
(b) the full-time equivalent employee numbers for each of its qualifying subsidiaries,
is less than 250.
(3) The full-time equivalent employee number for a company is calculated as follows—
Step 1
Find the number of full-time employees of the company.
Step 2
Add, for each employee of the company who is not a full-time employee, such fraction as is just and reasonable.
The result is the full-time equivalent employee number.
(4) In this paragraph references to an employee—
(a) include a director, but
(b) do not include—
(i) an employee on maternity or paternity leave, or
(ii) a student on vocational training.
(4) In paragraph 16 (excluded activities), after paragraph (i) insert—
(ia) shipbuilding (see also paragraph 20A);
(ib) producing coal (see also paragraph 20B);
(ic) producing steel (see also paragraph 20C);
.
(5) After paragraph 20 insert—
Excluded activities: shipbuilding
20A In paragraph 16(ia) “shipbuilding” has the same meaning as in the Framework on state aid to shipbuilding (2003/C 317/06), published in the Official Journal on 30 December 2003.
Excluded activities: producing coal
20B (1) This paragraph supplements paragraph 16(ib).
(2) “Coal” has the meaning given by Article 2 of Council Regulation (EC) No. 1407/2002 (state aid to coal industry).
(3) The production of coal includes the extraction of it.
Excluded activities: producing steel
20C In paragraph 16(ic) “steel” means any of the steel products listed in Annex 1 to the Guidelines on national regional aid (2006/C 54/08), published in the Official Journal on 4 March 2006.
(6) The amendments made by this section have effect in relation to options granted on or after the day on which this Act is passed.
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