Income Tax (Earnings and Pensions) Act 2003 section 432

Definitions

Section 432 provides the definitions of key terms used throughout Chapter 2, which deals with restricted securities and restricted interests in securities.

• Core terms such as "securities", "shares", "market value", and "employment-related securities" are defined by reference to the introductory provisions in Chapter 1 of Part 7.
• Rules for determining the consideration given for anything, including the acquisition of employment-related securities, are set out in sections 421(2), 421A, and 421I.
• "Restricted securities" and "restricted interest in securities" are defined in sections 423 and 424, and a "restriction" means any contractual or other provision that limits the holder's rights in specified ways.
• "Convertible securities" carries the same meaning as in Chapter 3 of Part 7, and other terms such as "associated person", "associated company", and "employee-controlled" are defined by cross-reference to the relevant introductory sections.