[423 “Restricted securities” and “restricted interest in securities”]
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

[423  “Restricted securities” and “restricted interest in securities”]

[(1)     For the purposes of this Chapter employment-related securities are restricted securities or a restricted interest in securities if—

(a)     there is any contract, agreement, arrangement or condition which makes provision to which any of subsections (2) to (4) applies, and

(b)     the market value of the employment-related securities is less than it would be but for that provision.

(2)     This subsection applies to provision under which—

(a)     there will be

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