[257LF Restrictions on being an employee, partner or paid director]
Income Tax Act 2007 (2007 c 3) | Legislation

[257LF  Restrictions on being an employee, partner or paid director]

[(1)     This section applies—

(a)     to the investor, and

(b)     to any individual who is an associate of the investor.

(2)     An individual to whom this section applies must not at any time in the longer applicable period be—

(a)     an employee of—

(i)     the social enterprise,

(ii)     any subsidiary of the social enterprise,

(iii)     a partner of the social enterprise, or

(iv)     a partner of any subsidiary of the social enterprise,

(b)     a partner of—

(i)     the social enterprise, or

(ii)     any subsidiary of the social enterprise,

(c)     a trustee of—

(i)     the social enterprise, or

(ii)     any subsidiary of the social enterprise, or

(d)     a remunerated director of—

(i)     the social enterprise, or

(ii)     a linked company.

(3)     In this section—

“linked company” means—

(a)     a subsidiary of the social enterprise,

(b)     a company which is a partner of the social enterprise, or

(c)     a company which is a partner of a subsidiary of the social enterprise;

“related person” means—

(a)     the social enterprise,

(b)     a person connected with the social enterprise,

(c)     a

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