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Paragraph 7 Meaning of “remuneration”

Original text. Later amendments are not shown.

(1)

In this Schedule “remuneration” of a director includes—

(a)

salary, fees and bonuses, sums paid by way of expenses allowance (so far as they are chargeable to United Kingdom income tax), and

(b)

subject to sub-paragraph (2), the estimated money value of any other benefits received by him otherwise than in cash.

(2)

The expression does not include—

(a)

the value of any share options granted to a director or the amount of any gains made on the exercise of any such options,

(b)

any company contributions paid, or treated as paid, in respect of him under any pension scheme or any benefits to which he is entitled under any such scheme, or

(c)

any money or other assets paid to or received or receivable by him under any long term incentive scheme.