{
  "url": "https://openlegislation.uk/finance-act-2008/section-33",
  "json_url": "https://openlegislation.uk/finance-act-2008/section-33.json",
  "legislation": "ukpga/2008/9",
  "legislation_title": "Finance Act 2008",
  "legislation_url": "https://openlegislation.uk/finance-act-2008",
  "path": "section/33",
  "kind": "section",
  "number": "33",
  "heading": "Enterprise management incentives: qualifying companies",
  "text": "(1) Part 3 of Schedule 5 to ITEPA 2003 (enterprise management incentives: qualifying companies) is amended as follows.\n(2) In paragraph 8 (qualifying companies: introduction), omit the “and” at the end of the entry relating to paragraph 12, and after that entry insert— “ number of employees (see paragraph 12A), and ”.\n(3) After paragraph 12 insert—\nThe number of employees requirement\n12A (1) The number of employees requirement in the case of a single company is that the full-time equivalent employee number for it is less than 250.\n(2) The number of employees requirement in the case of a parent company is that the sum of—\n(a) the full-time equivalent employee number for it, and\n(b) the full-time equivalent employee numbers for each of its qualifying subsidiaries,\nis less than 250.\n(3) The full-time equivalent employee number for a company is calculated as follows—\nStep 1\nFind the number of full-time employees of the company.\nStep 2\nAdd, for each employee of the company who is not a full-time employee, such fraction as is just and reasonable.\nThe result is the full-time equivalent employee number.\n(4) In this paragraph references to an employee—\n(a) include a director, but\n(b) do not include—\n(i) an employee on maternity or paternity leave, or\n(ii) a student on vocational training.\n(4) In paragraph 16 (excluded activities), after paragraph (i) insert—\n(ia) shipbuilding (see also paragraph 20A);\n(ib) producing coal (see also paragraph 20B);\n(ic) producing steel (see also paragraph 20C);\n.\n(5) After paragraph 20 insert—\nExcluded activities: shipbuilding\n20A In paragraph 16(ia) “shipbuilding” has the same meaning as in the Framework on state aid to shipbuilding (2003/C 317/06), published in the Official Journal on 30 December 2003.\nExcluded activities: producing coal\n20B (1) This paragraph supplements paragraph 16(ib).\n(2) “Coal” has the meaning given by Article 2 of Council Regulation (EC) No. 1407/2002 (state aid to coal industry).\n(3) The production of coal includes the extraction of it.\nExcluded activities: producing steel\n20C In paragraph 16(ic) “steel” means any of the steel products listed in Annex 1 to the Guidelines on national regional aid (2006/C 54/08), published in the Official Journal on 4 March 2006.\n(6) The amendments made by this section have effect in relation to options granted on or after the day on which this Act is passed.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2008/9/section/33",
    "retrieved_at": "2026-10-28T17:05:19.453822+00:00",
    "licence": "OGL-UK-3.0",
    "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
    "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
  }
}