{
  "url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/section-446NA",
  "json_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/section-446NA.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/446NA",
  "kind": "section",
  "number": "446NA",
  "heading": "Disapplication of exceptions from charges",
  "text": "(1) None of the provisions specified in subsection (2) (exceptions from charges for certain company shares) apply in relation to employment-related securities if the market value of the employment-related securities at the time of the acquisition has been increased by at least 10% by non-commercial increases within the period of 7 years ending with the acquisition.\n(2) The provisions are—\n(a) section 429 (restricted securities),\n(b) section 443 (convertible securities),\n(c) section 446R (securities acquired for less than market value), and\n(d) section 449 (post-acquisition benefits from securities).\n(3) If section 446L (market value on valuation date increased by more than 10% by non-commercial increases during relevant period) applies in relation to employment-related securities, section 429 does not subsequently apply in relation to the employment-related securities.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Pt. 7 Ch. 3B inserted (16.4.2003 with effect in accordance with Sch. 22 para. 6(2)-(4) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 6(1)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "S. 446NA inserted (retrospective to 7.5.2004) by Finance Act 2004 (c. 12), s. 86(7)(8)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/1/section/446NA",
    "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."
}