Income Tax (Earnings and Pensions) Act 2003

Part 7 U.K. Approval of schemes

Application for approval U.K.

28 (1) Where— U.K.

(a) a CSOP scheme has been established, and

(b) the scheme organiser makes an application to the Inland Revenue for approval of the scheme,

the Inland Revenue must approve the scheme if they are satisfied that it meets the requirements of Parts 2 to 6 of this Schedule.

(2) An application for approval—

(a) must be in writing, and

(b) must contain such particulars and be supported by such evidence as the Inland Revenue may require.

(3) Once the Inland Revenue have decided whether or not to approve the scheme, they must give notice of their decision to the scheme organiser.

Appeal against refusal of approval U.K.

29 (1) If the Inland Revenue refuse to approve the scheme, the scheme organiser may appeal to the Special Commissioners. U.K.

(2) The notice of appeal must be given to the Inland Revenue within 30 days after the date on which notice of their decision was given to the scheme organiser.

(3) If the Special Commissioners allow the appeal, they may direct the Inland Revenue to approve the scheme with effect from a date specified by the Commissioners.

(4) The date so specified must not be earlier than that of the application for approval.

Withdrawal of approval U.K.

30 (1) If any disqualifying event occurs in connection with an approved CSOP scheme, the Inland Revenue may by a notice given to the scheme organiser withdraw the approval with effect from— U.K.

(a) the time at which the disqualifying event occurred, or

(b) a later time specified by the Inland Revenue in the notice.

(2) A “disqualifying event” occurs in connection with a scheme if—

(a) any of the requirements of Parts 2 to 6 of this Schedule ceases to be met;

[F1 (aa) an alteration is made in a key feature of the scheme without the approval of the Inland Revenue;] or

(b) the scheme organiser fails to provide information requested by the Inland Revenue under paragraph 33.

[F2 (3) For the purposes of sub-paragraph (2)(aa) the Inland Revenue may not withhold their approval unless it appears to them at the time in question that the scheme as proposed to be altered would not then be approved on an application under paragraph 28.

(4) For the purposes of that sub-paragraph a “key feature” of a scheme is a provision of the scheme which is necessary in order to meet the requirements of this Schedule.]

Textual Amendments

F1 Sch. 4 para. 30(2)(aa) inserted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 21 para. 17(2)

F2 Sch. 4 para. 30(3)(4) inserted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 21 para. 17(3)

[F3 Notice of decision about alteration U.K.

Textual Amendments

F3 Sch. 4 para. 31 and crossheading substituted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 21 para. 17(4)

31 U.K. Where the Inland Revenue—

(a) have been requested to approve any alteration in a CSOP scheme that has been approved, and

(b) have decided whether or not to approve the alteration,

they must give notice of their decision to the scheme organiser.]

Appeal against withdrawal of approval etc. U.K.

32 (1) This paragraph applies if a CSOP scheme has been approved by the Inland Revenue and they— U.K.

(a) decide to withdraw approval of the scheme under paragraph 30, or

[F4 (b) decide to refuse approval under paragraph 30(2)(aa).]

(2) The scheme organiser may appeal against the decision to the Special Commissioners.

(3) The notice of appeal must be given to the Inland Revenue within 30 days after the date on which notice of their decision was given to the scheme organiser.

Textual Amendments

F4 Sch. 4 para. 32(1)(b) substituted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 21 para. 17(5)