Part 4

Employment income: exemptions
CHAPTER 10A

Exemptions: bonus payments by certain employers

Section 312B: the office-holder requirement
312F
1
For the purposes of section 312B, a company meets the officer-holder requirement if the appropriate fraction does not exceed 2/5.
2
“
The appropriate fraction
” means—
ND/NE
where—
ND is the number of persons who are one or both of the following—
1. a director or other office-holder of the company;
2. an employee of the company connected with a person within paragraph (a);
NE is the number of persons who are employees (or office-holders) of the company.
Pt. 4 Ch. 10A inserted (with effect in accordance with Sch. 37 para. 8 of the amending Act) by Finance Act 2014 (c. 26), Sch. 37 para. 5
Pt. 4 modified (10.6.2021) by Finance Act 2021 (c. 26), s. 26(3)