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

Application of this Chapter

Section 446Q sets out when the rules in Chapter 3C apply, which is broadly where employment-related securities are acquired for nothing or at a discount to their market value.

• Chapter 3C applies where no payment is made for employment-related securities at or before the time of acquisition, or where the amount paid is less than the securities' market value at that time
• Any obligation to make a payment or further payment after the time of acquisition is ignored when determining whether the chapter applies
• Where the securities are not fully paid up, the market value comparison is made as if the securities were fully paid up
• Where restricted securities were acquired without an initial income tax charge under section 425(2), the chapter treats the securities as not acquired until the first chargeable event under section 426 occurs