For the purposes of section 169VW a person ("the person concerned") is an "unremunerated director" of the issuing company or a connected company at a particular time in the relevant period if that person is a director of that company at that time and—
does not receive in the relevant period any disqualifying payment from the issuing company or a related person, and
is not entitled to receive any such payment in respect of that period or any part of it.
In this section "disqualifying payment" means any payment other than—
a payment or reimbursement of travelling or other expenses wholly, exclusively and necessarily incurred by the person concerned in the performance of his or her duties as a director,
any interest which represents no more than a reasonable commercial return on money lent to the issuing company or a related person,
any dividend or other distribution which does not exceed a normal return on the investment to which the dividend or distribution relates,
any payment for the supply of goods which does not exceed their market value,
any payment of rent for any property occupied by the issuing company or a related person which does not exceed a reasonable and commercial rent for the property, or
any necessary and reasonable remuneration which is—
paid for qualifying services that are provided to the issuing company or a related person in the course of a trade or profession carried on wholly or partly in the United Kingdom, and
taken into account in calculating for tax purposes the profits of that trade or profession.
In this section a "related person" means—
a connected company of which the person concerned is a director, or
any person connected with the issuing company or with a company within paragraph (a).
In this section any reference to a payment to the person concerned includes a payment made to that person indirectly or to that person's order or for that person's benefit.
In this section "qualifying services" means services which are—
not secretarial or managerial services, and
not services of a kind provided by the person to whom they are provided.
In this section the following expressions have the same meaning as in section 169VW—
"connected company";
"director";
"issuing company";
"relevant period".