[F128B(1)This paragraph applies if notice is given in relation to a CSOP scheme under paragraph 28A.U.K.
(2)The scheme organiser must give to HMRC a return for the tax year in which the relevant date falls and for each subsequent tax year (subject to sub-paragraph (9)).
(3)If paragraph 28A(5) applies in relation to the scheme, in sub-paragraph (2) the reference to the tax year in which the relevant date falls is to be read as a reference to the relevant tax year.
(4)A 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.
(5)The information which may be required under sub-paragraph (4)(a) includes (in particular) information to enable HMRC to determine the liability to tax, including capital gains tax, of—
(a)any person who has participated in the scheme, or
(b)any other person whose liability to tax the operation of the scheme is relevant to.
(6)If during a tax year—
(a)an alteration is made in a key feature of the scheme, or
(b)variations are made under a provision made under paragraph 22(3) to take account of a variation in any share capital,
the return for the tax year must contain a declaration within sub-paragraph (7) made by such persons as HMRC may require.
(7)A declaration within this sub-paragraph is a declaration, as the case may be—
(a)that the alteration has, or
(b)that the variations have,
not caused the requirements of Parts 2 to 6 of this Schedule not to be met in relation to the scheme.
(8)For the purposes of sub-paragraph (6)(a) a “key feature” of a scheme is a provision of the scheme which is necessary in order for the requirements of Parts 2 to 6 of this Schedule to be met in relation to the scheme.
(9)A return is not required for any tax year following that in which the termination condition is met in relation to the scheme.
(10)For the purposes of this Part “the termination condition” is met in relation to a scheme when—
(a)all share options granted under the scheme—
(i)have been exercised, or
(ii)are no longer capable of being exercised in accordance with the scheme (because, for example, they have lapsed or been cancelled), and
(b)no more share options will be granted under the scheme.
(11)If the scheme organiser 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 scheme organiser must give an amended return correcting the position to HMRC without delay.]
Textual Amendments
F1Sch. 4 Pt. 7 substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 179, 204 (with Sch. 8 paras. 205-215)