SCHEDULES

SCHEDULE 8Employee share schemes

PART 4Enterprise management incentives

Amendments to Schedule 5 to ITEPA 2003

217

1

Paragraph 44 (notice of option to be given to HMRC) is amended as follows.

2

In sub-paragraph (2) omit paragraph (b) and the “and” before it.

3

In sub-paragraph (4) for “each of sub-paragraphs (5) and (6)” substitute “ sub-paragraph (5) ”.

4

In sub-paragraph (5)—

a

after paragraph (a) omit “and”, and

b

after paragraph (b) insert

, and

c

that the individual to whom the option has been granted has made and signed a written declaration within sub-paragraph (6) and that the declaration is held by the employer company

5

After sub-paragraph (5) insert—

5A

The employer company must—

a

retain the declaration mentioned in sub-paragraph (5)(c) and, if requested to do so by an officer of Revenue and Customs, produce it to such an officer before the end of the period of 7 days after the day on which the request is made, and

b

give a copy of that declaration to the individual before the end of the period of 7 days after the day on which the declaration is signed by the individual.

6

After sub-paragraph (7) insert—

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.