Income Tax (Earnings and Pensions) Act 2003

Notice of enquiry

46 (1) This paragraph applies where notice of a share option is given under paragraph 44.

(2) The Inland Revenue may enquire into the option if they give notice to the employer company of their intention to do so in accordance with this paragraph.

(3) The Inland Revenue may enquire into whether the requirement of paragraph 26 (commitment of working time) is met in relation to the option by the individual to whom it has been granted if they give that individual notice of their intention to do so in accordance with this paragraph.

(4) The Inland Revenue must give a copy of a notice under sub-paragraph (3) to the employer company.

(5) Unless given by virtue of sub-paragraph (6), a notice of enquiry may not be given more than 12 months after the end of the period of 92 days mentioned in paragraph 44(1) (the period within which a notice under that paragraph must be given).

(6) A notice of enquiry may be given at any time if the Inland Revenue discover that any of the information provided in or in connection with the notice under paragraph 44 was false or misleading in a material respect.

(7) An option that has been the subject of one notice of enquiry under sub-paragraph (2) or (3) may not be the subject of another notice under that sub-paragraph, unless the notice is given by virtue of sub-paragraph (6).

(8) In this paragraph a “notice of enquiry” means a notice given under sub-paragraph (2) or (3).