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Charges under ITEPA 2003, ss 446K–446P (Pt 7, Ch 3B) are made in relation to the value of employment-related securities at a 'valuation date' (see below) for a 'relevant period'¹.

A 'relevant period' begins with the acquisition of the employment-related securities and ends at the following 5 April² (although securities acquired before 16 April 2003 are for these purposes deemed to have been acquired on that date³). Rights under contracts of insurance acquired before 2 December 2004 (when such rights were brought within the definition of securities, subject to specified exclusions, see E4.507A) are deemed to have been acquired at 2 December 2004 for this purpose⁴.Thereafter each tax year forms a relevant period⁵. A relevant period may end other than on 5 April if ITEPA 2003, ss 446K–446P (Pt 7, Ch 3B) ceases to apply to the employment-related securities⁶.