SCHEDULES
SCHEDULE 2Approved share incentive plans
Part 4Types of shares that may be awarded
29Prohibited shares
1
Eligible shares must not be shares in—
a
a service company, or
b
a company that—
i
has control of a service company, and
ii
is under the control of a person or persons who fall within sub-paragraph (2)(b)(i) or (ii) as it applies to a service company.
2
For the purposes of this paragraph a company is a “service company” if—
a
the business carried on by it consists substantially in the provision of the services of persons employed by it, and
b
the majority of those services are provided to—
i
a person who has control of the company,
ii
two or more persons who together have control of the company, or
iii
a company associated with the company.
3
For the purposes of sub-paragraph (2)(b)(iii) a company is associated with another company if both companies are under the control of the same person or persons.
4
For the purposes of sub-paragraphs (1) to (3)—
a
a partnership is to be treated as a single person; and
b
where a partner (alone or together with others) has control of a company, the partnership is to be treated as having (in the same way) control of that company.
5
For the purposes of this paragraph the question whether a person controls a company is to be determined in accordance with section 416(2) to (6) of ICTA.