Income Tax (Earnings and Pensions) Act 2003 section 450

Definitions

Section 450 provides the definitions of key terms used throughout the chapter on post-acquisition benefits from securities, directing the reader to where each term is defined elsewhere in the legislation.

• "Interest" (in relation to shares), "shares", and "market value" all carry the meanings given in the introductory chapter (sections 420 and 421 respectively).
• "The employee" and "employment-related securities" take their meanings from section 421B(8), which sets out when securities are treated as employment-related.
• "Associated person" is defined in section 421C, covering persons connected with the employee for the purposes of the securities income rules.
• "Associated company" and "employee-controlled" take their meanings from section 421H, which deals with the concept of employee control of a company.