# Income Tax (Earnings and Pensions) Act 2003, Paragraph 28


(1) An individual is not an eligible employee in relation to the relevant company if the individual has a material interest—
(a) in that company, or
(b) if that company is a parent company, in any member of the group.
(2) For the purposes of this paragraph an individual is to be regarded as having a material interest in a company if—
(a) the individual,
(b) the individual together with one or more of the individual’s associates, or
(c) any such associate, with or without any other such associates,
has a material interest in the company.
(3) This paragraph is supplemented—
(a) as regards the meaning of “material interest”, by paragraphs 29 and 30; and
(b) as regards the meaning of “associate” by paragraph 31 (read with paragraphs 32 and 33).

---
Source: https://www.legislation.gov.uk/ukpga/2003/1/schedule/5/paragraph/28 (the official version)
Page: https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-5/paragraph-28
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.