(1)Subsection (2) applies if in a tax year a company—
(a)grants a share option,
(b)allots or transfers shares on the exercise of a share option,
(c)receives notice of the assignment of a share option, or
(d)provides a benefit in money or money’s worth—
(i)for the assignment of a share option,
(ii)for the release in whole or in part of a share option,
(iii)for or in connection with a failure, or undertaking not, to exercise a share option, or
(iv)for or in connection with the grant of, or an undertaking to grant, a right to acquire shares or an interest in shares to which a share option relates.
(2)The company must provide the Inland Revenue with particulars in writing of the matter.
(3)The particulars must be provided before 7th July in the tax year following that in which the matter occurred.
(4)The particulars of any matter must include particulars of any secondary Class 1 contributions payable in connection with the matter which are—
(a)recovered as mentioned in section 481(2)(a) (agreement for secondary contributor to recover secondary Class 1 contributions in respect of gain from the employee), or
(b)met as mentioned in section 481(3) (liability for secondary Class 1 contributions in respect of gain transferred to the employee).
(5)A company need not deliver particulars under subsection (1) if it has already given them in a notice under paragraph 44 of Schedule 5 (enterprise management incentives: notice of option to be given to Inland Revenue).
In other respects the obligations imposed by subsection (1) and by that paragraph are independent of each other.