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

Definitions

Section 446Z provides the key definitions used throughout Chapter 3D, which deals with securities disposed of for more than market value.

• Market value of securities is determined using the standard definition that applies across the employment-related securities rules
• When working out how much consideration has been given for something, specific rules apply rather than simply taking the face-value amount
• The terms "the employee" and "employment-related securities" carry the same meanings used throughout the wider employment-related securities legislation
• An "associated person" in relation to the employee is defined by reference to the standard associated persons rule used across these chapters