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HMRC internal manual

Employment Related Securities Manual

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HM Revenue & Customs
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Securities with Artificially Enhanced Value

Definitions

Chapter 3B Part 7 ITEPA 2003 uses the definitions contained in Chapter 1. They are:

Interest

Interest, in relation to securities, has the meaning ascribed by ITEPA03/S420.

Market value

Market value is determined in accordance with the TCGA92/S272, see ERSM20400.

Acquisition

Acquisition has the meaning ascribed by ITEPA03/S421B (8), see ERSM20420.

Employee

Employee has the meaning ascribed by ITEPA03/S421B (8), see ERSM20240.

Employment-related securities are as defined in ITEPA03/S421B (8), see ERSM20210 and ERSM20230.

Restricted securities and restricted interest in securities

Restricted securities and restricted interest in securities have the same meaning as inChapter 2 Part 7 ITEPA, ITEPA03/S423 and ITEPA03/S424. See ERSM30310.

Non-commercial increase and non-commercial reduction

Non-commercial increase and non-commercial reduction have the meaning indicated in ITEPA03/S446K (4), see ERSM60100.

Relevant period and valuation date

Relevant period and valuation date have the meaning indicated in ITEPA03/S446O, see ERSM60100.