# Income Tax (Earnings and Pensions) Act 2003, Section 446D: Restricted securities and convertible securities


(1) Where the employment-related securities are restricted securities or a restricted interest in securities, FMV (but not MV) is to be determined as if the employment-related securities were not restricted securities or a restricted interest in securities; and, accordingly, sections 426 to 431 (post-acquisition charges on restricted securities) do not apply to the employment-related securities.
(2) Where the employment-related securities are convertible securities or an interest in convertible securities, FMV and MV are to be determined as if they were not.

---
Source: https://www.legislation.gov.uk/ukpga/2003/1/section/446D (the official version)
Page: https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/section-446D
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.