[446T Amount of notional loan]
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

[446T  Amount of notional loan]

[(1)     The amount of the notional loan initially outstanding is—

MV – DA

ɳ—

MV is the market value of the employment-related securities at the time of the acquisition, and

DA is the total of any deductible amounts.

(2)     Where the employment-related securities are, or are an interest in, securities which are not fully paid up, the reference in subsection (1) to the market value of the employment-related securities is to what it would be if the securities were fully paid up.

(3)     For the purposes of subsection (1) each of the following is a “deductible amount”—

(a)     any payment made for the employment-related securities by the employee,

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