Corporation Tax Act 2009 section 1005

Other definitions

Section 1005 provides a glossary of key terms used throughout Part 12, which deals with corporation tax relief for employee share acquisitions.

• Definitions are given for terms including convertible securities, convertible shares, restricted shares, listed company, market value, ordinary shares, and option
• A listed company is one whose shares are on a recognised stock exchange and which is not a close company (or would not be one if it were UK resident)
• Several terms — such as "the employee", "the employing company", "the recipient", "the relevant employment", and "the qualifying business" — take their meaning from the basic requirements for relief set out elsewhere in Part 12
• Restricted shares and convertible securities take their meaning from the employment income rules in Part 7 of the Income Tax (Earnings and Pensions) Act 2003