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

Definitions

Section 446P provides the definitions of key terms used throughout Chapter 3B, which deals with securities that have an artificially enhanced market value.

• Core securities terms such as "interest", "market value", "the acquisition", "the employee" and "employment-related securities" carry the same meanings given to them in the introductory chapter of Part 7
• Terms relating to restricted securities — including "restricted securities", "restricted interest in securities", "restriction" and "chargeable event" — take their meanings from Chapter 2 of Part 7
• "Non-commercial increase" and "non-commercial reduction" describe changes in value that are not on ordinary commercial terms, as defined elsewhere in Chapter 3B
• "Relevant period" and "valuation date" are timing concepts also defined within Chapter 3B, setting the window over which artificial enhancements to value are assessed