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

"Relevant period" and "valuation date"

Section 446O defines the terms "relevant period" and "valuation date" for the purposes of the rules on securities with artificially enhanced market value under Chapter 3B.

• The first relevant period runs from the date the securities are acquired until the following 5th April; subsequent relevant periods follow the standard tax year from 6th April to the next 5th April.
• A relevant period ends early if Chapter 3B ceases to apply to the securities, or to a particular interest in the securities, during that period.
• Where Chapter 3B ceases to apply to only part of a holding (a specific interest), that interest and the remaining securities are treated separately from that point onwards.
• The "valuation date" for any relevant period is simply the date on which that relevant period ends.