[ERSM20110] Employment-related securities and options: what are securities?
Finance Act 2003 broadened the scope of the legislation so that it now applies in relation to a wider class of financial products, described in the legislation as ‘securities’ (ITEPA03/S420). Finance (No. 2) Act 2005 added insurance contracts and Finance Act 2006 added a specific mention of options, both with effect from 2 December 2004. Forms of Alternative finance investment bonds (including certain Islamic finance ‘Sukuk’ arrangements) have been included in the definition of securities since 14 August 2007. The following are defined as ‘securities’: