Commentary on Sections Overview Chapter 1: Introduction Section 1003: “Shares” etc
2587.This section gives the meaning of “shares” for the purposes of the Part. It is based on paragraphs 10, 17, 22, 22D and 30 of Schedule 23 to FA 2003.
2588.The test in subsection (2), which determines when the shares are acquired, is identical to that in section 477(4) of ITEPA. This correlation is important as that section determines the income tax position of the employee for the purposes of section 1017.