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33(1)[F1An officer of Revenue and Customs] may by notice require any person to provide [F2the officer] with any information—U.K.
(a)which [F2the officer] reasonably [F3requires] for the performance of [F4the officer's] functions under the CSOP code, and
(b)which the person to whom the notice is addressed has or can reasonably obtain.
(2)The power conferred by this paragraph extends, in particular, to—
(a)information to enable [F1an officer of Revenue and Customs] —
(i)to decide whether to approve a CSOP scheme or to withdraw an approval already given, or
(ii)to determine the liability to tax, including capital gains tax, of any person who has participated in a scheme, and
(b)information about the administration of a scheme and any alteration of the terms of a scheme.
(3)The notice must require the information to be provided within a specified time, which must not end earlier than 3 months after the date when the notice is given.
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)
F2Words in Sch. 4 para. 33(1) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(1)(w); S.I. 2005/1126, art. 2(2)(h)
F3Word in Sch. 4 para. 33(1)(a) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 123(e); S.I. 2005/1126, art. 2(2)(h)
F4Words in Sch. 4 para. 33(1) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(2)(i); S.I. 2005/1126, art. 2(2)(h)
34(1)This paragraph applies for the purposes of the provisions of the CSOP code relating to group schemes.U.K.
(2)Each joint owner of a jointly owned company is to be treated as controlling every company within sub-paragraph (3).
(3)The companies within this sub-paragraph are—
(a)the jointly owned company, and
(b)any company controlled by that company.
(4)However, no company within sub-paragraph (3) may be—
(a)a constituent company in more than one group scheme, or
(b)a constituent company in a particular group scheme if another company within that sub-paragraph is a constituent company in a different group scheme.
(5)In this paragraph a “jointly owned company” means a company which (apart from sub-paragraph (2)) is not controlled by any one person and—
(a)of which 50% of the issued share capital is owned by one person and 50% by another, or
(b)which is otherwise controlled by two persons taken together.
(6)In this paragraph “joint owner” means one of the persons mentioned in sub-paragraph (5)(a) or (b).
35(1)For the purposes of the CSOP code one company is an “associated company” of another company at a given time if, at that time or at any other time within one year previously—U.K.
(a)one has control of the other, or
(b)both are under the control of the same person or persons.
(2)For the purposes of sub-paragraph (1) the question whether a person controls a company is to be determined in accordance with [F5sections 450 and 451 of CTA 2010].
Textual Amendments
F5Words in Sch. 4 para. 35(2) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 398(4) (with Sch. 2)
Textual Amendments
F6 Sch. 4 para. 35A and cross-heading inserted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 21 para. 15(2)
35AU.K.A retirement age specified in a CSOP scheme—
(a)must be the same for men and women, and
(b)must not be less than 55.]
36(1)In the CSOP code—U.K.
“company” means a body corporate;
“market value” has the same meaning as it has for the purposes of TCGA 1992 by virtue of Part 8 of that Act.
(2)For the purposes of the CSOP code a company is a member of a consortium owning another company if it is one of a number of companies—
(a)which between them beneficially own not less than 75% of the other company’s ordinary share capital, and
(b)each of which beneficially owns not less than 5% of that capital.
37U.K.In the CSOP code the following expressions are defined or otherwise explained by the provisions indicated below:
approved | section 521(4) |
associated company | paragraph 35(1) |
child | [F7section 721(6)] |
close company | [F8section 989 of ITA 2007], (and see paragraph 9(4)) |
company | paragraph 36(1) |
connected person | section 718 |
constituent company | paragraph 3(3) |
control | section 719 (and see paragraph 35(2)) |
the CSOP code | section 521(3) |
CSOP scheme | section 521(4) |
distribution | [F9section 989 of ITA 2007] |
eligible shares (in Part 4 of this Schedule) | paragraph 15(2) |
employee and employment | section 4 |
group scheme | paragraph 3(2) (and see paragraph 34) |
F10. . . | F10. . . |
market value | paragraph 36(1) |
member of a consortium | paragraph 36(2) |
notice | [F11section 989 of ITA 2007] |
the options (in relation to a participant) | paragraph 2(2) |
ordinary share capital | [F12section 989 of ITA 2007] |
participant | paragraph 2(2) |
participate | paragraph 2(2) |
personal representatives | [F13section 989 of ITA 2007] |
recognised stock exchange | [F14section 1005 of ITA 2007] |
the scheme organiser | paragraph 2(2) |
share option | section 521(4) |
shares | section 521(4) |
[F15tribunal | section 989 of ITA 2007] |
F16. . . | F16. . . |
F17. . . | F17. . . |
Textual Amendments
F7Words in Sch. 4 para. 37 substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 449(a) (with Sch. 2)
F8Words in Sch. 4 para. 37 substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 449(b) (with Sch. 2)
F9Words in Sch. 4 para. 37 substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 449(c) (with Sch. 2)
F10Words in Sch. 4 para. 37 repealed (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 123(f), Sch. 5; S.I. 2005/1126, art. 2(2)(h)(i)
F11Words in Sch. 4 para. 37 substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 449(d) (with Sch. 2)
F12Words in Sch. 4 para. 37 substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 449(e) (with Sch. 2)
F13Words in Sch. 4 para. 37 substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 449(f) (with Sch. 2)
F14Words in Sch. 4 para. 37 substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 449(g) (with Sch. 2)
F15Words in Sch. 4 para. 37 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. 351(3)
F16Words in Sch. 4 para. 37 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. 351(2)
F17Words in Sch. 4 para. 37 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 449(h), Sch. 3 Pt. 1 (with Sch. 2)