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Finance Act 2014

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218For paragraph 52 (annual returns) substitute—

52(1)This paragraph applies in relation to a company whose shares are (or have been) subject to qualifying options.

(2)The company must give to Her Majesty's Revenue and Customs (“HMRC”) a return for each tax year falling (wholly or partly) in the company's qualifying option period.

(3)The company's “qualifying option period” is the period—

(a)beginning when the first qualifying option to which the company's shares are subject is granted, and

(b)ending when the termination condition is met.

(4)“The termination condition” is met when the company's shares—

(a)are no longer subject to qualifying options, and

(b)will no longer become subject to qualifying options.

(5)The return for a tax year must—

(a)contain, or be accompanied by, such information as HMRC may require, and

(b)be given on or before 6 July in the following tax year.

(6)The information which may be required under sub-paragraph (5)(a) includes (in particular) information to enable HMRC to determine the liability to tax, including capital gains tax, of any person who has been granted a qualifying option to which the company's shares are subject.

(7)If the company becomes aware that—

(a)anything which should have been included in, or should have accompanied, a return for a tax year was not included in, or did not accompany, the return,

(b)anything which should not have been included in, or should not have accompanied, a return for a tax year was included in, or accompanied, the return, or

(c)any other error or inaccuracy has occurred in relation to a return for a tax year,

the company must give an amended return correcting the position to HMRC without delay.

52A(1)A return under paragraph 52, and any information accompanying the return, must be given electronically.

(2)But, if HMRC consider it appropriate to do so, HMRC may allow a company to give a return or any accompanying information in another way; and, if HMRC do so, the return or information must be given in that other way.

(3)The Commissioners for Her Majesty's Revenue and Customs—

(a)must prescribe how returns and accompanying information are to be given electronically;

(b)may make different provision for different cases or circumstances.

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