The following Share Incentives Q&A provides comprehensive and up to date legal information covering:
Under Schedule 5 to the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003), a company or group needs to meet various statutory tests in order to be able to be a qualifying company for enterprise management incentives (EMI) purposes. These tests include the trading activities requirement which is set out under ITEPA 2003, Sch 5, Pt 3, paras 14–23 and the UK permanent establishment requirement which is set out under ITEPA 2003, Sch 5, Pt 3, para 14A.
In the case of a parent company, these two requirements will both be met if:
disregarding certain purposes specified under ITEPA 2003, Sch 5, Pt 3, para 14(4), at least one group company exists wholly for the purposes of and is carrying on (or preparing to carry on) one or more qualifying trades on a commercial profit-making basis which does not to a substantial extent include certain excluded trading activities (ITEPA 2003, Sch 5, Pt 3, para
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