Securities acquired for less than market value: definitions
Chapter 3C Part 7 ITEPA 2003 uses the definitions contained in Chapter 1. Per ITEPA03/S446W, they are:
Associated person has the meaning indicated in ITEPA03/S421C. It is anyone, including the employee himself, who has acquired the securities by reason of the employee’s employment or is a relevant linked person to whom the employee has transferred the securities. See ERSM20250.
Relevant linked person
A person is a relevant linked person if that person and either:
- the person who acquired the employment-related securities on the acquisition, or;
- the employee;
(on or after 18 June 2004): are or have been connected or (without being or having been connected) are or have been members of the same household.
(up to 17 June 2004): are connected or, although not connected, are members of the same household. See ERSM20250.
Market value is determined in accordance with the TCGA92/S272 (see ERSM20400).
Employment has the meaning ascribed by ITEPA03/S421B(8). See ERSM20210.
Employee has the meaning ascribed by ITEPA03/S421B(8). See ERSM20240.
Employer has the meaning ascribed by ITEPA03/S421B(8). See ERSM20210.
Associated company and employee-controlled
Associated company and employee-controlled have the meaning indicated in ITEPA03/S421H. See ERSM20290.
Notional loan has the meaning indicated in ITEPA03/S446S(1). See ERSM70110.