# Income Tax (Earnings and Pensions) Act 2003, Section 312F: Section 312B: the office-holder requirement


(1) For the purposes of section 312B, a company meets the officer-holder requirement if the appropriate fraction does not exceed 2/5.
(2) “The appropriate fraction” means—
ND NEwhere—
ND is the number of persons who are one or both of the following—
(a)a director or other office-holder of the company;
(b)an employee of the company connected with a person within paragraph (a);
NE is the number of persons who are employees (or office-holders) of the company.

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Source: https://www.legislation.gov.uk/ukpga/2003/1/section/312F (the official version)
Page: https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/section-312F
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.