Income Tax (Earnings and Pensions) Act 2003 section 448

Amount of charge

Section 448 establishes how to calculate the taxable amount when a charge arises on chargeable benefits from securities under section 447.

• The taxable amount is the amount or market value of the benefit received
• The charge applies where the benefit arises from securities acquired by reason of employment
• Market value is used where the benefit is non-monetary or not easily quantifiable in cash terms
• This section works in conjunction with section 447, which sets out when a charge on other chargeable benefits from securities applies