{
  "url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/section-446Y",
  "json_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/section-446Y.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/446Y",
  "kind": "section",
  "number": "446Y",
  "heading": "Amount treated as income",
  "text": "(1) Where this Chapter applies the amount determined under subsection (3) counts as employment income of the employee for the relevant tax year.\n(2) The “relevant tax year” is the tax year in which the disposal occurs.\n(3) The amount is—\nCD-MV-DAwhere—\nCD is the amount of the consideration given on the disposal,\nMV is the market value of the employment-related securities at the time of the disposal, and\nDA is the amount of any expenses incurred in connection with the disposal.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Pt. 7 Ch. 3D inserted (with effect in accordance with Sch. 22 para. 8(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 8(1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/1/section/446Y",
    "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."
}