Income Tax (Earnings and Pensions) Act 2003 section 446

Minor definitions

Section 446 provides a collection of key definitions used throughout the chapter dealing with shares acquired for less than market value.

• This section gathers together various defined terms that apply across the chapter on shares acquired at an undervalue.
• The definition of "terms" is broadly drawn, using the word "means" to capture any conditions, restrictions, or other arrangements relating to the shares — not just formal contractual provisions.
• "Shares" is defined to include stock, ensuring that both ordinary shares and stock are covered by the rules in this chapter.
• These definitions support the operation of other provisions in the chapter, particularly those concerning restrictions on shares and the calculation of any taxable benefit.