Paragraph 59
United Kingdom
In the EMI code the following expressions are defined or otherwise explained by the provisions indicated below:
| the appropriate time | paragraph 1(4) |
| arrangements | paragraph 58(1) |
| child | F1section 721(6) |
| close company | F2section 989 of ITA 2007, (and see paragraph 29(4)) |
| closure notice | paragraph 47(4) |
| company | paragraph 58 |
| company reorganisation (in Part 6 of this Schedule) | paragraph 39(2) |
| connected person | section 718 |
| control | section 719 (and see paragraphs 10(2) and 23(6)) |
| disqualifying event | see sections 532 to 539 |
| distribution | F3section 989 of ITA 2007 |
| earnings | section 62 and see section 721(7) |
| the EMI code | section 527(3) |
| employee and employment | section 4 |
| eligible employee | paragraph 24 |
| employer company | paragraph 2 |
| excluded activities | paragraph 16 |
| farming | F4section 996 of ITA 2007 |
| F5. . . | . . . |
| generally accepted accounting practice | F6section 997 of ITA 2007 |
| group of companies | paragraph 58 |
| the group | paragraph 58 |
| F7. . . | ... |
| market value | paragraph 55 (and see paragraph 5(7)) |
| met (in Part 7 of this Schedule) | paragraph 44(7) |
| new option | paragraph 41(7) |
| notice | F8section 989 of ITA 2007 |
| F9offshore installation | F10sections 1001 and 1002 of ITA 2007 |
| old option | paragraph 41(7) |
| ordinary share capital | F11section 989 of ITA 2007 |
| original option | section 529(3) |
| parent company | paragraph 58 |
| personal representative | F12section 989 of ITA 2007 |
| qualifying company | paragraph 8 |
| qualifying option | section 527(4) (and see paragraph 41(5)) |
| qualifying subsidiary | paragraph 11 |
| qualifying trade | paragraph 15 |
| relevant company | paragraph 2 |
| replacement option | section 527(4) |
| the requirements of this Schedule | section 527(4) |
| research and development | paragraph 58 |
| share option | section 527(4) |
| shares | paragraph 58 (and see paragraph 40(4)(a)) |
| single company | paragraph 58 |
| F13. . . | . . . |
| 51% subsidiary | F14section 989 of ITA 2007 |
| tax | F15section 989 of ITA 2007 |
| tax year | F16section 4(2) of ITA 2007 (as applied by section 989 of that Act) |
| trade | F17section 989 of ITA 2007 |
| F18tribunal | section 989 of ITA 2007 |
| United Kingdom | F19section 1013 of ITA 2007 |
Annotations
Textual amendments
- F1
Words in Sch. 5 para. 59 Table substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 450(4)(a) (with Sch. 2)
- F2
Words in Sch. 5 para. 59 Table substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 450(4)(b) (with Sch. 2)
- F3
Words in Sch. 5 para. 59 Table substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 450(4)(c) (with Sch. 2)
- F4
Words in Sch. 5 para. 59 Table substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 450(4)(d) (with Sch. 2)
- F5
Sch. 5 para. 59 Table entry omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 357(2)
- F6
Words in Sch. 5 para. 59 Table substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 450(4)(e) (with Sch. 2)
- F7
Words in Sch. 5 para. 59 repealed (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 124(f), Sch. 5; S.I. 2005/1126, art. 2(2)(h)(i)
- F8
Words in Sch. 5 para. 59 Table substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 450(4)(f) (with Sch. 2)
- F9
Words in Sch. 5 para. 59 inserted (with effect in accordance with Sch. 27 para. 17(6)(7) of the amending Act) by Finance Act 2004 (c. 12), Sch. 27 para. 17(5)
- F10
Words in Sch. 5 para. 59 Table substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 450(4)(g) (with Sch. 2)
- F11
Words in Sch. 5 para. 59 Table substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 450(4)(h) (with Sch. 2)
- F12
Words in Sch. 5 para. 59 Table substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 450(4)(i) (with Sch. 2)
- F13
Sch. 5 para. 59 Table entry omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 357(3)
- F14
Words in Sch. 5 para. 59 Table substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 450(4)(j) (with Sch. 2)
- F15
Words in Sch. 5 para. 59 substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 399(6) (with Sch. 2)
- F16
Words in Sch. 5 para. 59 Table substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 450(4)(l) (with Sch. 2)
- F17
Words in Sch. 5 para. 59 Table substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 450(4)(m) (with Sch. 2)
- F18
Words in Sch. 5 para. 59 Table inserted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 357(4)
- F19
Words in Sch. 5 para. 59 Table substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 450(4)(n) (with Sch. 2)
Notes on Schedule 5
Modifications
- C1
Sch. 5 modified (18.3.2026) by Finance Act 2026 (c. 11), s. 16
- C2
Sch. 5 modified (6.4.2026) by Finance Act 2026 (c. 11), s. 13(10)