Taxes Consolidation Act 1997 Schedule 12A paragraph 1

Interpretation

Paragraph 1 of Schedule 12A sets out the key definitions and interpretive rules that apply throughout the Schedule, which governs approved savings-related share option schemes.

• Defines core terms including "approved", "grantor", "group scheme", "scheme shares", "market value", "savings-related share option scheme" and "specified age" for the purposes of the Schedule.
• Provides that a company is a member of a consortium owning another company if it is one of no more than five companies which together beneficially own at least 75 per cent of the other company's ordinary share capital, with each owning at least 5 per cent.
• Applies the connected persons rules in section 10 and the control rules in section 432 for the purposes of the Schedule.
• "Specified age" means an age not less than 60 years and not more than pensionable age within the meaning of the Social Welfare Consolidation Act 2005.