Income Tax (Earnings and Pensions) Act 2003 section 460

Definitions

Section 460 defines key terms used throughout the rules on shares in research institution spin-out companies (Chapter 4A).

• "Shares" and "interest" in shares carry the same broad meanings used across the wider employment-related securities rules (as set out in section 420).
• "Market value" follows the standard definition used for employment-related securities (as set out in section 421(1)).
• "The acquisition", "the employee" and "the employer" take their meanings from the general application rules for employment-related securities (as set out in section 421B(8)).
• "Restricted securities" and "restricted interest in securities" are defined by the specific rules on securities subject to restrictions (as set out in sections 423 and 424).