Section 446O — Income Tax (Earnings and Pensions) Act 2003: “Relevant period” and “valuation date”

“Relevant period” and “valuation date” 446O 1 This section explains what is meant by “ relevant period ” and “ valuation date ” in this Chapter.

2 The first relevant period in relation to employment-related securities is the period beginning with the date of the acquisition and ending with the following 5th April.

3 After the first relevant period, each period beginning with 6th April and ending with the following 5th April is a relevant period in relation to the employment-related securities.

4 But if this Chapter ceases to apply to the employment-related securities during a relevant period, the relevant period ends with the date on which this Chapter ceases to apply to them.

5 And if this Chapter ceases to apply to an interest in the employment-related securities during a relevant period, the relevant period ends in relation to that interest with the date on which this Chapter ceases to apply to that interest.

6 In a case where subsection (5) applies, this Chapter has effect separately in relation to that interest and the remainder of the employment-related securities.

7 In this Chapter “ valuation date ”, in relation to a relevant period, means the date with which the relevant period ends.