Income Tax (Earnings and Pensions) Act 2003 section 470

Minor definitions

Section 470 provides a collection of supplementary definitions used throughout the share-related income tax provisions that are not defined elsewhere in the Act.

• This section gathers together various minor definitions needed to interpret the share scheme and share-related provisions of the Act.
• These are residual definitions that were originally found in earlier legislation but are not covered by other specific sections of the Act.
• The definition of "interest in shares" has been clarified to make explicit that it does not include a right to acquire shares, such as share options.
• This clarification regarding the exclusion of options from "interest in shares" represents a change from the previous wording, making the intended meaning clearer rather than altering the underlying policy.