Part 3Employment income: earnings and benefits etc. treated as earnings

Chapter 9Taxable benefits: disposals of shares for more than market value

200Minor definitions

(1)

In this Chapter—

“employee” includes a prospective employee;

“interest in shares” means an interest in shares less than full beneficial ownership and includes an interest in the proceeds of sale of part of the shares, but not a right to acquire shares;

“market value” has the same meaning as it has for the purposes of TCGA 1992 by virtue of Part 8 of that Act;

“shares” includes—

(a)

stock, and

(b)

any securities as defined in section 254(1) of ICTA.

(2)

In this Chapter references to the acquisition of shares or an interest in shares include receipt by way of allotment or assignment or in any other way.

(3)

In this Chapter “employment-related shares” has the meaning indicated in section 198(2).