SCHEDULES

SCHEDULE 7 Relief on retirement or re-investment

Part I Retirement relief etc.

Extension of references to full-time working directors etc.

2

1

Subject to sub-paragraph (4) below, in sections 163 and 164 of that Act and in Schedule 6 to that Act (retirement relief), for the words “full-time working director”, wherever they occur, there shall be substituted “ full-time working officer or employee ”.

2

In section 163(7)(b) of that Act, for “a director” there shall be substituted “ an officer or employee ”.

3

In section 164(2)(b) of that Act, for “director” there shall be substituted “ officer or employee ”.

4

In paragraph 1(2) of Schedule 6 to that Act, for the definition of “full-time working director” there shall be substituted—

“full-time working officer or employee”, in relation to one or more companies, means any officer or employee who is required to devote substantially the whole of his time to the service of that company, or those companies taken together, in a managerial or technical capacity;