Income Tax (Earnings and Pensions) Act 2003

Completion of enquiry: closure notices

47 (1) An enquiry under paragraph 46(2) is completed when the Inland Revenue give the employer company a notice—

(a) informing the company that they have completed their enquiry, and

(b) stating their decision as to whether the requirements of this Schedule are met in relation to the option.

(2) If the Inland Revenue conclude that the requirements of this Schedule are not so met, they must also give notice of that decision to the person to whom the option has been granted.

(3) An enquiry under paragraph 46(3) is completed when the Inland Revenue give the individual concerned and the employer company a notice—

(a) informing the recipients that they have completed their enquiry, and

(b) stating their decision as to whether the requirement of paragraph 26 (commitment of working time) is met by that individual in relation to the option.

(4) References in the EMI code to a “closure notice” are to a notice under sub-paragraph (1) or (3).

(5) A closure notice takes effect when it is issued.