{
  "url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/section-432",
  "json_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/section-432.json",
  "legislation": "ukpga/2003/1",
  "legislation_title": "Income Tax (Earnings and Pensions) Act 2003",
  "legislation_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003",
  "path": "section/432",
  "kind": "section",
  "number": "432",
  "heading": "Definitions",
  "text": "(1) In this Chapter—\n“interest”, in relation to securities,\n“securities”,\n“securities option”, and\n“shares”,\nhave the meaning indicated in section 420.\n(2) In this Chapter “market value” has the meaning indicated in section 421(1).\n(3) For the purposes of this Chapter sections 421(2) and 421A apply for determining the amount of the consideration given for anything and section 421I applies for determining the amount of the consideration given for the acquisition of employment-related securities.\n(4) In this Chapter—\n“the acquisition”,\n“the employee” (except in section 429),\n“the employer”,\n“the employment”, and\n“employment-related securities”,\nhave the meaning indicated in section 421B(8).\n(5) In this Chapter “associated person” has the meaning indicated in section 421C.\n(6) In this Chapter—\n“associated company”, and\n“employee-controlled”,\nhave the meaning indicated in section 421H.\n(7) In this Chapter—\n“restricted interest in securities”, and\n“restricted securities”,\nhave the meaning indicated in sections 423 and 424.\n(8) In this Chapter “restriction”, in relation to securities or an interest in securities, means provision relating to the securities or interest which is made by any contract, agreement, arrangement or condition and to which any of subsections (2) to (4) of section 423 applies.\n(9) In this Chapter “variation”, in relation to a restriction, has the meaning indicated in section 427(4).\n(10) In this Chapter “convertible securities” has the same meaning as in Chapter 3 of this Part (see section 436).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Pt. 7 Ch. 2 substituted (1.9.2003 with effect in accordance with Sch. 22 para. 3(2)-(4) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 3(1); S.I. 2003/1997, art. 2"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/1/section/432",
    "retrieved_at": "2026-10-29T09:18:42.395488+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}