Income Tax (Earnings and Pensions) Act 2003 section 471

Options to which this Chapter applies

Section 471 defines which securities options fall within the scope of this Chapter, essentially covering any option acquired because of a person's employment.

• A securities option falls within this Chapter if the right or opportunity to acquire it arises by reason of a person's current, former, or prospective employment.
• Where an employer or a person connected with the employer makes a securities option available, it is presumed to be employment-related unless it was offered by an individual in the normal course of domestic, family, or personal relationships.
• If a securities option becomes available because the person already holds employment-related securities, it is treated as linked to the same employment that gave rise to those original securities.
• The section defines key terms used throughout the Chapter, including "the acquisition", "the employment", "the employee", "the employer", and "employment-related securities option".