S504 Interpretation Start-Up relief for entrepreneurs (SURE)

Definitions

“employment period” in respect of a relevant employment begins on the date on which the shares are issued or, if later, the date on which the employment commences and will end 12 months after that date.

“full-time employee” and “full-time director” in relation to a company, mean an employee or director, who is required to devote substantially the whole of their time to the service of the company.

“relevant employment” means employment throughout the employment period, by the company in which the specified individual makes a relevant investment and where the specified individual is a full-time employee or full-time director of the company.

“relevant investment” means the amount or the aggregate of the amounts of the qualifying investments made in a year of assessment by the specified individual for eligible shares in a qualifying company.

“specified individual” is defined in section 505, is an individual who subscribes for shares on his or her own behalf.

“specified period” is the period beginning on the date on which the shares were issued and ending either one year after that date or where the company was not at that date carrying on relevant trading activities, one year after the date on which it subsequently began to carry on such activities.

Relevant Date: Finance Act 2021