Income Tax (Earnings and Pensions) Act 2003
Sections and provisions with full text and the judgments that cite each one.
Section 429 — Case outside charge under section 426
Case outside charge under section 426 429 1 Section 426 (charge on occurrence of chargeable event) does not apply if— a the employment-related securities are shares (or an interest in shares) in a…
Section 430 — Election for outstanding restrictions to be ignored
Election for outstanding restrictions to be ignored 430 1 The employer and the employee may elect that— a on a chargeable event the taxable amount for the purposes of section 426 is to be determined…
Section 430A — Application of this Chapter where securities exchanged for further securities
Application of this Chapter where securities exchanged for further securities 430A 1 This section applies if— a an associated person disposes of the employment-related securities (“the old…
Section 431 — Election for full or partial disapplication of this Chapter
Election for full or partial disapplication of this Chapter 431 1 The employer and the employee may elect in relation to employment-related securities which are restricted securities or a restricted…
Section 431A — Shares under tax advantaged plan or scheme
Shares under tax advantaged plan or scheme 431A 1 Where employment-related securities are restricted securities or a restricted interest in securities, the employer and the employee are to be treated…
Section 431B — Securities acquired for purpose of avoidance
Securities acquired for purpose of avoidance 431B Where employment-related securities are restricted securities or a restricted interest in securities, the employer and the employee are to be treated…
Section 432 — Definitions
Definitions 432 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 “…
Section 435 — Application of this Chapter
Application of this Chapter 435 This Chapter applies to employment-related securities if they are— a convertible securities, or b an interest in convertible securities, at the time of the acquisition.
Section 436 — “ Convertible securities ”
“ Convertible securities ” 436 For the purposes of this Chapter securities are convertible securities if— a they confer on the holder an entitlement (whether immediate or deferred and whether…
Section 437 — Adjustment of charge
Adjustment of charge 437 1 For the purposes of— a any liability to tax under Chapter 1 of Part 3 (earnings), Chapter 10 of Part 3 (taxable benefits: residual liability to charge) , section 226A…
Section 438 — Charge on occurrence of chargeable event
Charge on occurrence of chargeable event 438 1 If a chargeable event occurs in relation to the employment-related securities, the taxable amount counts as employment income of the employee for the…
Section 439 — Chargeable events
Chargeable events 439 1 This section applies for the purposes of section 438 (charge on occurrence of chargeable event). 2 Any of the events mentioned in subsection (3) is a “ chargeable event ” in…
Section 440 — Amount of charge
Amount of charge 440 1 The taxable amount for the purposes of section 438 (charge on occurrence of chargeable event) is— AG - CE 2 AG is the amount of any gain realised on the occurrence of the…
Section 441 — Amount of gain realised on occurrence of chargeable event
Amount of gain realised on occurrence of chargeable event 441 1 This section applies for the purposes of section 440 (amount of charge on occurrence of chargeable event). 2 The amount of the gain…
Section 442 — Amount of consideration given for entitlement to convert
Amount of consideration given for entitlement to convert 442 1 This section applies for the purposes of section 440 (amount of charge on occurrence of chargeable event). 2 Consideration is to be…
Section 442A — Relief for secondary Class 1 contributions met by employee
Relief for secondary Class 1 contributions met by employee 442A 1 Relief is available under this section against an amount counting as employment income under section 438 (“the employment income…
Section 443 — Case outside charge under section 438
Case outside charge under section 438 443 1 Section 438 (charge on occurrence of chargeable event) does not apply if— a the employment-related securities are shares (or an interest in shares) in a…
Section 444 — Definitions
Definitions 444 1 In this Chapter— “ interest ”, in relation to securities, “ securities ”, and “ shares ”, have the meaning indicated in section 420. 2 In this Chapter “ market value ” has the…
Section 446A — Application of this Chapter
Application of this Chapter 446A 1 This Chapter applies in certain cases where the market value of employment-related securities (or other relevant securities or interests in securities) is reduced…
Section 446IA — Disapplication of exceptions from charges
Disapplication of exceptions from charges 446IA 1 Section 429 (exception from charge under section 426 for certain company shares) does not prevent section 426 (restricted securities: chargeable…
Section 446NA — Disapplication of exceptions from charges
Disapplication of exceptions from charges 446NA 1 None of the provisions specified in subsection (2) (exceptions from charges for certain company shares) apply in relation to employment-related…
Section 446UA — Pre-acquisition avoidance cases
Pre-acquisition avoidance cases 446UA 1 Sections 446S to 446U do not apply if the main purpose (or one of the main purposes) of the arrangements under which the right or opportunity to acquire the…
Section 446B — Charge on acquisition
Charge on acquisition 446B 1 This section applies where the market value of employment-related securities at the time of the acquisition has been reduced by at least 10% as a result of things done…
Section 446C — Amount of charge
Amount of charge 446C 1 The taxable amount for the purposes of section 446B (charge on acquisition) is— FMV - MV 2 FMV is what would be the market value of the employment-related securities at the…
Section 446D — Restricted securities and convertible securities
Restricted securities and convertible securities 446D 1 Where the employment-related securities are restricted securities or a restricted interest in securities, FMV (but not MV ) is to be determined…
Section 446E — Charge on restricted securities
Charge on restricted securities 446E 1 This section applies where the market value of employment-related securities which are restricted securities or a restricted interest in securities is…
Section 446F — Adjustment of market value: conditional interests
Adjustment of market value: conditional interests 446F 1 This section applies where the market value of an employee’s interest in shares which is only conditional is artificially low immediately…
Section 446G — Adjustment of market value: consideration for entitlement to convert
Adjustment of market value: consideration for entitlement to convert 446G 1 This section applies where the market value of employment-related securities which are convertible securities or an…
Section 446H — Adjustment of market value: charge on conversion
Adjustment of market value: charge on conversion 446H 1 This section applies where the market value of securities (“ the converted securities ”) into which employment-related securities (or…
Section 446I — Adjustment of consideration or benefit received
Adjustment of consideration or benefit received 446I 1 This section applies where any consideration or benefit mentioned in— a section 428(9) (consideration on disposal of restricted securities), b…
Section 446J — Definitions
Definitions 446J 1 In this Chapter— “ interest ”, in relation to securities, and “ securities ”, have the meaning indicated in section 420. 2 In this Chapter “ market value ” has the meaning…
Section 446K — Application of this Chapter
Application of this Chapter 446K 1 This Chapter applies in certain cases where the market value of employment-related securities is increased by things done otherwise than for genuine commercial…
Section 446L — Charge on non-commercial increases
Charge on non-commercial increases 446L 1 This section applies in relation to employment-related securities where on a date that is the valuation date in relation to a relevant period IMV is at least…
Section 446M — Securities subject to restriction on valuation date
Securities subject to restriction on valuation date 446M 1 This section applies where on the valuation date the employment-related securities are relevant restricted securities. 2 The amount…
Section 446N — Securities subject to restriction during relevant period
Securities subject to restriction during relevant period 446N 1 This section applies where the employment-related securities have been restricted securities or a restricted interest in securities at…
Section 446O — “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…
Section 446P — Definitions
Definitions 446P 1 In this Chapter “ interest ”, in relation to securities, has the meaning indicated in section 420. 2 In this Chapter “ market value ” has the meaning indicated in section 421(1). 3…
Section 446Q — Application of this Chapter
Application of this Chapter 446Q 1 This Chapter applies if— a no payment is made for employment-related securities at or before the time of the acquisition, or b the payment made for…
Section 446R — Case outside this Chapter
Case outside this Chapter 446R 1 This Chapter does not apply if— a the employment-related securities are shares (or an interest in shares) in a company of a class, b all the company’s shares of the…
Section 446S — Notional loan
Notional loan 446S 1 Where this Chapter applies an interest-free loan (“ the notional loan ”) is to be treated as having been made to the employee by the employer at the time of the acquisition. 2…
Section 446T — Amount of notional loan
Amount of notional loan 446T 1 The amount of the notional loan initially outstanding is— MV - DA where— MV is the market value of the employment-related securities at the time of the acquisition, and…
Section 446U — Discharge of notional loan
Discharge of notional loan 446U 1 The notional loan is treated as discharged when— a the employment-related securities are disposed of otherwise than to an associated person, ... b if there is an…
Section 446V — Chapter to be additional to other income tax charges
Chapter to be additional to other income tax charges 446V This Chapter does not affect any liability to income tax arising in respect of the acquisition under— a Chapter 1 of Part 3 (earnings), b…
Section 446W — Definitions
Definitions 446W 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 “…
Section 446X — Application of this Chapter
Application of this Chapter 446X This Chapter applies if— a employment-related securities are disposed of by an associated person so that no associated person is any longer beneficially entitled to…
Section 446Y — Amount treated as income
Amount treated as income 446Y 1 Where this Chapter applies the amount determined under subsection (3) counts as employment income of the employee for the relevant tax year. 2 The “ relevant tax year…
Section 446Z — Definitions
Definitions 446Z 1 In this Chapter “ market value ” has the meaning indicated in section 421(1). 2 For the purposes of this Chapter sections 421(2) and 421A apply for determining the amount of the…
Section 447 — Charge on other chargeable benefits from securities
Charge on other chargeable benefits from securities 447 1 This Chapter applies if an associated person receives a benefit in connection with employment-related securities . 2 The taxable amount…
Section 448 — Amount of charge
Amount of charge 448 The taxable amount for the purposes of section 447 (charge on other chargeable benefits) is the amount or market value of the benefit.
Section 449 — Case outside this Chapter
Case outside this Chapter 449 1 This Chapter does not apply if— a the employment-related securities are shares (or an interest in shares) in a company of a class, b a similar benefit is received by…