SCHEDULES

SCHEDULE 5Enterprise management incentives

Part 7Notification of option to inland revenue

Completion of enquiry: closure notices

47

(1)

An enquiry under paragraph 46(2) is completed when F1an officer of Revenue and Customs F2gives the employer company a notice—

(a)

informing the company that F3the officer F2has completed F4the enquiry, and

(b)

stating F5the officer's decision as to whether the requirements of this Schedule are met in relation to the option.

(2)

If F1an officer of Revenue and Customs F6concludes that the requirements of this Schedule are not so met, F3the officer 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 F1an officer of Revenue and Customs F7gives the individual concerned and the employer company a notice—

(a)

informing the recipients that F3the officer F7has completed F8the enquiry, and

(b)

stating F9the officer's 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.