{
  "url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/section-446P",
  "json_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/section-446P.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/446P",
  "kind": "section",
  "number": "446P",
  "heading": "Definitions",
  "text": "(1) In this Chapter “interest”, in relation to securities, has the meaning indicated in section 420.\n(2) In this Chapter “market value” has the meaning indicated in section 421(1).\n(3) In this Chapter—\n“the acquisition”,\n“the employee”, and\n“employment-related securities”,\nhave the meaning indicated in section 421B(8).\n(4) In this Chapter—\n“restricted interest in securities”, and\n“restricted securities”,\nhave the same meaning as in Chapter 2 of this Part (see sections 423 and 424).\n(5) In this Chapter “chargeable event” means an event which is a chargeable event for the purposes of section 426.\n(6) In this Chapter “restriction” has the same meaning as in Chapter 2 of this Part (see section 432(8)).\n(7) In this Chapter—\n“non-commercial increase”, and\n“non-commercial reduction”,\nhave the meaning indicated in section 446K(4).\n(8) In this Chapter—\n“relevant period”, and\n“valuation date”,\nhave the meaning indicated in section 446O.",
  "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)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/1/section/446P",
    "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."
}