{
  "url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/section-446W",
  "json_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/section-446W.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/446W",
  "kind": "section",
  "number": "446W",
  "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) In this Chapter “the acquisition” has the meaning indicated in section 421B(8) (but subject to section 446Q(4)).\n(4) In this Chapter—\n“the employment”,\n“the employee” (except in section 446R),\n“the employer”, 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 “the notional loan” has the meaning indicated in section 446S(1).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Pt. 7 Ch. 3C inserted (with effect in accordance with Sch. 22 para. 7(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 7(1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/1/section/446W",
    "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."
}