Part 7Employment income: income and exemptions relating to securities

F1Chapter 3CSecurities acquired for less than market value

446WDefinitions

(1)

In this Chapter—

“interest”, in relation to securities,

“securities”,

“securities option”, and

“shares”,

have the meaning indicated in section 420.

(2)

In this Chapter “market value” has the meaning indicated in section 421(1).

(3)

In this Chapter “the acquisition” has the meaning indicated in section 421B(8) (but subject to section 446Q(4)).

(4)

In this Chapter—

“the employment”,

“the employee” (except in section 446R),

“the employer”, and

“employment-related securities”,

have the meaning indicated in section 421B(8).

(5)

In this Chapter “associated person” has the meaning indicated in section 421C.

(6)

In this Chapter—

“associated company”, and

“employee-controlled”,

have the meaning indicated in section 421H.

(7)

In this Chapter “the notional loan” has the meaning indicated in section 446S(1).