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

Definitions

Section 446W provides a glossary of key terms used throughout Chapter 3C, which deals with securities acquired for less than market value.

• Core securities terminology — including "securities", "shares", "securities option", and "interest" in relation to securities — carries the same meaning as set out elsewhere in Part 7 of the Act
• "Market value", "the acquisition", "the employee", "the employer", "the employment", and "employment-related securities" all draw their definitions from the introductory provisions of Part 7
• "Associated person", "associated company", and "employee-controlled" are defined by reference to the same introductory provisions, ensuring consistency across the employment-related securities chapters
• "The notional loan" is a concept specific to Chapter 3C, defined in section 446S(1), and represents the deemed loan that arises when securities are acquired at an undervalue