Income Tax (Earnings and Pensions) Act 2003

434 Minor definitions

(1) In this Chapter—

• “director”—

  (a)

  in the case of a company whose affairs are managed by a board of directors or similar body, means a member of that board or similar body,

  (b)

  in the case of a company whose affairs are managed by a single director or similar person, means that director or person,

  (c)

  in the case of a company whose affairs are managed by its members, means a member,

  and includes any person who is to be or has been a director;

• “employee” includes—

  (a)

  in relation to a company, a person taking part in the management of the affairs of the company who is not a director, and

  (b)

  a person who is to be or has been an employee;

• “market value”, in relation to an interest in shares, means the amount that might reasonably be expected to be obtained from a sale of the interest in the open market;

• “shares” (except in section 423 in the expression “convertible shares”) includes—

  (a)

  stock,

  (b)

  securities issued by a company, and

  (c)

  any other interest of a member of a company;

• “terms” on which a person is entitled to an interest in shares means terms imposed by contract or arrangement or in any other way.

(2) In this Chapter—

• “the employee”,

• “the employee’s interest”,

• “the employer company”, and

• “the shares”,

have the meaning indicated in section 422(1) and (2).