(1) The Principal Act is amended -
(a) by substituting the following for Part 16:
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“PART 16 |
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Income Tax Relief for Investment in Corporate Trades — Employment and Investment Incentive and Seed Capital Scheme |
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Interpretation (Part 16). |
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488.— (1) In this Part— |
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‘associate’ has the same meaning in relation to a person as it has by virtue of subsection (3) of section 433 in relation to a participator, except that the reference in paragraph (b) of that subsection to any relative of a participator shall be excluded from such meaning; |
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‘average relevant amount’ means the total of the emoluments (other than non-pecuniary emoluments) paid by a qualifying company to the qualifying employees referred to in the definition of employment relevant number, in the year of assessment in which, in relation to a subscription for eligible shares, a relevant period ends, divided by the employment relevant number; |
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‘average threshold amount’ means the total of the em |