Income Tax (Earnings and Pensions) Act 2003 section 484

Definitions

Section 484 sets out the key definitions and interpretive rules that apply throughout Chapter 5, which deals with the taxation of securities options acquired in connection with employment.

• Core terms such as "securities," "securities option," "market value," and "employment-related securities" are given the same meanings as those established in the introductory chapter of Part 7 of the Act.
• The terms "the acquisition," "the employee," "the employer," "the employment," and "employment-related securities option" all take their meanings from section 471(5), which identifies the options to which this chapter applies.
• "Associated person" is defined by reference to section 472, and specific rules from sections 421(2) and 421A govern how the amount of consideration given for anything is to be determined.
• "Secondary Class 1 contributions" carries the same meaning as in the Social Security Contributions and Benefits Act 1992.