44(1)For a share option to be a qualifying option, notice of the option must be given to [F1an officer of Revenue and Customs] within 92 days after the date of the grant of the option.U.K.
(2)The notice must—
(a)be given by the employer company, F2...
F2(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)The notice must contain, or be supported by, such information as [F1an officer of Revenue and Customs] may require for the purpose of determining whether the requirements of this Schedule are met.
(4)The notice must also contain a declaration within [F3sub-paragraph (5)].
(5)A declaration within this sub-paragraph is a declaration by a director, or the secretary, of the employer company—
(a)that in the opinion of that person the requirements of this Schedule are met in relation to the option, F4... [F5and]
(b)that the information provided is, to the best of that person’s knowledge, correct and complete F6...
F6(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F7(5A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F8(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7)Any reference in this Part of this Schedule to the requirements (or any of the requirements) of this Schedule being met in relation to a share option is a reference to the requirements or requirement being met in relation to it at the appropriate time.
[F9(8)The notice, and any information supporting it, must be given electronically.
(9)But, if an officer of Revenue and Customs considers it appropriate to do so, the officer may allow the employer company to give the notice or any supporting information in another way; and, if the officer does so, the notice or information must be given in that other way.
(10)The Commissioners for Her Majesty's Revenue and Customs—
(a)must prescribe how notices and supporting information are to be given electronically;
(b)may make different provision for different cases or circumstances.]
Textual Amendments
F1Words in Act substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 102(1); S.I. 2005/1126, art. 2(2)(h)
F2Sch. 5 para. 44(2)(b) and word omitted (with effect in accordance with Sch. 8 para. 223 of the amending Act) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 217(2), 222
F3Words in Sch. 5 para. 44(4) substituted (with effect in accordance with Sch. 8 para. 223 of the amending Act) by Finance Act 2014 (c. 26), Sch. 8 paras. 217(3), 222
F4Word in Sch. 5 para. 44(5) omitted (with effect in accordance with Sch. 8 para. 223 of the amending Act) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 217(4)(a), 222
F5Word in Sch. 5 para. 44(5) inserted (with effect in accordance with s. 17(5)-(9) of the amending Act) by Finance (No. 2) Act 2023 (c. 30), s. 17(3)(a)(i)
F6Sch. 5 para. 44(5)(c) and word omitted (with effect in accordance with s. 17(5)-(9) of the amending Act) by virtue of Finance (No. 2) Act 2023 (c. 30), s. 17(3)(a)(ii)
F7Sch. 5 para. 44(5A) omitted (with effect in accordance with s. 17(5)-(9) of the amending Act) by virtue of Finance (No. 2) Act 2023 (c. 30), s. 17(3)(b)
F8Sch. 5 para. 44(6) omitted (with effect in accordance with s. 17(5)-(9) of the amending Act) by virtue of Finance (No. 2) Act 2023 (c. 30), s. 17(3)(b)
F9Sch. 5 para. 44(8)-(10) inserted (with effect in accordance with Sch. 8 para. 223 of the amending Act) by Finance Act 2014 (c. 26), Sch. 8 paras. 217(6), 222
45(1)[F1An officer of Revenue and Customs] may amend a notice given under paragraph 44 so as to correct obvious errors or omissions in the notice.U.K.
(2)A correction under this paragraph must be made by a notice given to the employer company.
(3)No correction may be made under this paragraph more than 9 months after the day on which the notice under paragraph 44 was given to [F1an officer of Revenue and Customs].
(4)A correction under this paragraph is of no effect if the employer company, within 3 months after the date of issue of the notice of correction, gives notice to [F1an officer of Revenue and Customs] rejecting the correction.
Textual Amendments
F1Words in Act substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 102(1); S.I. 2005/1126, art. 2(2)(h)
46(1)This paragraph applies where notice of a share option is given under paragraph 44.U.K.
(2)[F1An officer of Revenue and Customs] may enquire into the option if [F10the officer] [F11gives] notice to the employer company of [F12the officer's] intention to do so in accordance with this paragraph.
(3)[F1An officer of Revenue and Customs] 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 [F13the officer] [F11gives] that individual notice of [F12the officer's] intention to do so in accordance with this paragraph.
(4)[F1An officer of Revenue and Customs] 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 [F1an officer of Revenue and Customs] [F14discovers] 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).
Textual Amendments
F1Words in Act substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 102(1); S.I. 2005/1126, art. 2(2)(h)
F10Words in Sch. 5 para. 46(2) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(1)(x); S.I. 2005/1126, art. 2(2)(h)
F11Word in Sch. 5 para. 46(2)(3) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 124(a)(i); S.I. 2005/1126, art. 2(2)(h); S.I. 2005/1126, art. 2(2)(h)
F12Words in Sch. 5 para. 46(2)(3) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(2)(j); S.I. 2005/1126, art. 2(2)(h); S.I. 2005/1126, art. 2(2)(h)
F13Words in Sch. 5 para. 46(3) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(1)(y); S.I. 2005/1126, art. 2(2)(h)
F14Word in Sch. 5 para. 46(6) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 124(a)(ii); S.I. 2005/1126, art. 2(2)(h)
47(1)An enquiry under paragraph 46(2) is completed when [F1an officer of Revenue and Customs] [F15gives] the employer company a notice—U.K.
(a)informing the company that [F16the officer] [F15has] completed [F17the] enquiry, and
(b)stating [F18the 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] [F19concludes] that the requirements of this Schedule are not so met, [F16the 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] [F20gives] the individual concerned and the employer company a notice—
(a)informing the recipients that [F16the officer] [F20has] completed [F21the] enquiry, and
(b)stating [F22the 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.
Textual Amendments
F1Words in Act substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 102(1); S.I. 2005/1126, art. 2(2)(h)
F15Word in Sch. 5 para. 47(1) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 124(b)(i); S.I. 2005/1126, art. 2(2)(h)
F16Words in Sch. 5 para. 47 substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(1)(z); S.I. 2005/1126, art. 2(2)(h)
F17Word in Sch. 5 para. 47(1)(a) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(3)(h); S.I. 2005/1126, art. 2(2)(h)
F18Words in Sch. 5 para. 47(1)(b) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(2)(k); S.I. 2005/1126, art. 2(2)(h)
F19Word in Sch. 5 para. 47(2) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 124(b)(ii); S.I. 2005/1126, art. 2(2)(h)
F20Word in Sch. 5 para. 47(3) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 124(b)(iii); S.I. 2005/1126, art. 2(2)(h)
F21Word in Sch. 5 para. 47(3)(a) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(3)(h); S.I. 2005/1126, art. 2(2)(h)
F22Words in Sch. 5 para. 47(3)(b) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(2)(k); S.I. 2005/1126, art. 2(2)(h)
48(1)An application may be made [F23to the tribunal] under this paragraph for a direction requiring [F1an officer of Revenue and Customs] to give a closure notice within a specified period.U.K.
(2)The application may be made—
(a)by the employer company, or
(b)in a case within paragraph 46(3), by the individual concerned.
F24(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F25(4)Any such application is to be subject to the relevant provisions of Part 5 of TMA 1970 (see, in particular, section 48(2)(b) of that Act).]
(5)[F26The tribunal] must give a direction unless F27... satisfied that [F1an officer of Revenue and Customs] [F28has] reasonable grounds for not giving a closure notice within a specified period.
Textual Amendments
F1Words in Act substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 102(1); S.I. 2005/1126, art. 2(2)(h)
F23Words in Sch. 5 para. 48(1) inserted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 353(2)
F24Sch. 5 para. 48(3) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 353(3)
F25Sch. 5 para. 48(4) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 353(4)
F26Words in Sch. 5 para. 48(5) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 353(5)(a)
F27Words in Sch. 5 para. 48(5) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 353(5)(b)
F28Word in Sch. 5 para. 48(5) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 124(c); S.I. 2005/1126, art. 2(2)(h)
49(1)If [F1an officer of Revenue and Customs] [F29does] not give a notice of enquiry, the requirements of this Schedule are taken to be met in relation to the option.U.K.
(2)If [F1an officer of Revenue and Customs] [F29does] give a notice of enquiry, [F30the officer's] decision stated in the closure notice is conclusive as to whether the requirements of this Schedule are met in relation to the option.
(3)But this is subject—
(a)if [F30the officer's] decision is that the requirements are not met, to the outcome of any appeal against that decision under paragraph 50;
(b)if their decision is that the requirements are met, to the outcome of any subsequent enquiry under paragraph 46(6) (enquiry arising from discovery of false or misleading information).
(4)This paragraph does not affect the provisions of sections 532 to 539 (which relate to disqualifying events).
Textual Amendments
F1Words in Act substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 102(1); S.I. 2005/1126, art. 2(2)(h)
F29Word in Sch. 5 para. 49(1)(2) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 124(d); S.I. 2005/1126, art. 2(2)(h)
F30Words in Sch. 5 para. 49(2)(3) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(2)(l); S.I. 2005/1126, art. 2(2)(h)
50(1)The employer company may appeal against a decision of [F1an officer of Revenue and Customs] —U.K.
(a)that notice of the grant of the option was not given in accordance with paragraph 44, or
(b)that the requirements of this Schedule are not met in relation to the option.
(2)An individual may appeal against a decision of [F1an officer of Revenue and Customs] that the individual does not meet the requirement of paragraph 26 (commitment of working time).
(3)Notice of the appeal must be given to [F1an officer of Revenue and Customs] within 30 days after the date when the closure notice is given to the appellant.
F31(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in Act substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 102(1); S.I. 2005/1126, art. 2(2)(h)
F31Sch. 5 para. 50(4) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 354