Part 5

Enterprise investment scheme
Chapter 2

The investor

Meaning of connection with issuing company

Employees, directors and partners
167
1
An individual is connected with the issuing company if the individual—
a
is an employee of—
i
the issuing company,
ii
any subsidiary of the issuing company, or
iii
a partner of the issuing company or any of its subsidiaries,
b
is a partner of—
i
the issuing company, or
ii
any subsidiary of the issuing company, or
c
subject to section 168, is a director of—
i
the issuing company,
ii
any subsidiary of the issuing company, or
iii
a company which is a partner of the issuing company or any of its subsidiaries.
2
In subsection (1) “subsidiary”, in relation to the issuing company, means a company which at any time in period A is a 51% subsidiary of the issuing company, whether or not it is such a subsidiary while the individual or associate concerned is such an employee, partner or director as is mentioned in that subsection.
3
For the purposes of this section and sections 168 and 169, in the case of an individual (“A”) who is both a director and an employee of a company—
a
references (however expressed) to A in A's capacity as a director of the company include A in A's capacity as an employee of the company, but
b
(apart from that) A is to be treated as a director, and not as an employee, of the company.