Income Tax (Earnings and Pensions) Act 2003 section 446J

Definitions

Section 446J provides the key definitions for terms used throughout Chapter 3A, which deals with securities whose market value has been artificially depressed.

• Core terms such as "securities", "interest" in securities, and "market value" take their meanings from the general definitions in Part 7 of the Act
• The rules for working out how much consideration has been given — whether for a general transaction or specifically for acquiring employment-related securities — are drawn from other sections in Part 7
• Terms central to the employment-related securities regime — "the acquisition", "the employee", and "employment-related securities" — carry the same meanings used elsewhere in Part 7
• "Restricted securities", "restricted interest in securities", "restriction", and "convertible securities" all take their meanings from the chapters in Part 7 that deal specifically with those types of security