Income Tax (Earnings and Pensions) Act 2003 section 444

Definitions

Section 444 provides a glossary of key terms used throughout the chapter on convertible securities, directing the reader to the specific sections where each term is fully defined.

• Core terms such as "interest" (in relation to securities), "securities", "shares", and "market value" take their meanings from the general definitions in sections 420 and 421(1) respectively.
• When determining what consideration has been given — whether for anything generally or specifically for acquiring employment-related securities — the rules in sections 421(2), 421A, and 421I apply.
• The terms "the acquisition", "the employee", "employment-related securities", "associated person", "associated company", and "employee-controlled" are all defined elsewhere in the introductory chapter (sections 421B(8), 421C, and 421H).
• "Convertible securities" itself is defined in section 436, which is the opening section of this chapter.