- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Income Tax (Earnings and Pensions) Act 2003, Part 8 is up to date with all changes known to be in force on or before 26 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
51(1)[F1An officer of Revenue and Customs] may by notice require a person to provide [F2the officer] with information—U.K.
(a)which [F2the officer] reasonably [F3requires] for the performance of [F4the officer's] functions under the EMI 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 information to enable [F1an officer of Revenue and Customs] —
(a)to decide whether a share option is a qualifying option, or
(b)to determine the liability to tax, including capital gains tax, of any person who has been granted a qualifying option.
(3)The notice must require the information to be provided within a specified period, 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. 5 para. 51(1) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(1)(aa); S.I. 2005/1126, art. 2(2)(h)
F3Word in Sch. 5 para. 51(1) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 124(e); S.I. 2005/1126, art. 2(2)(h)
F4Words in Sch. 5 para. 51(1) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(2)(m); S.I. 2005/1126, art. 2(2)(h)
[F552(1)This paragraph applies in relation to a company whose shares are (or have been) subject to qualifying options.U.K.
(2)The company must give to Her Majesty's Revenue and Customs (“HMRC”) a return for each tax year falling (wholly or partly) in the company's qualifying option period.
(3)The company's “qualifying option period” is the period—
(a)beginning when the first qualifying option to which the company's shares are subject is granted, and
(b)ending when the termination condition is met.
(4)“The termination condition” is met when the company's shares—
(a)are no longer subject to qualifying options, and
(b)will no longer become subject to qualifying options.
(5)The 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.
(6)The information which may be required under sub-paragraph (5)(a) includes (in particular) information to enable HMRC to determine the liability to tax, including capital gains tax, of any person who has been granted a qualifying option to which the company's shares are subject.
(7)If the company 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 company must give an amended return correcting the position to HMRC without delay.]
Textual Amendments
F5 Sch. 5 paras. 52, 52A substituted for Sch. 5 para. 52 (with effect in accordance with Sch. 8 para. 224 of the amending Act) by Finance Act 2014 (c. 26), Sch. 8 paras. 218, 222
[F552A(1)A return under paragraph 52, and any information accompanying the return, must be given electronically.U.K.
(2)But, if HMRC consider it appropriate to do so, HMRC may allow a company to give a return or any accompanying information in another way; and, if HMRC do so, the return or information must be given in that other way.
(3)The Commissioners for Her Majesty's Revenue and Customs—
(a)must prescribe how returns and accompanying information are to be given electronically;
(b)may make different provision for different cases or circumstances.]
Textual Amendments
F5 Sch. 5 paras. 52, 52A substituted for Sch. 5 para. 52 (with effect in accordance with Sch. 8 para. 224 of the amending Act) by Finance Act 2014 (c. 26), Sch. 8 paras. 218, 222
53(1)For the purposes of this Part and Part 7 a person [F6(“P”)] is not to be regarded as having failed to do anything required to be done within a particular period of time if—U.K.
(a)[F7P] had a reasonable excuse for not doing it within that period, and
(b)if the excuse ceased to exist, [F7P] did it without unreasonable delay after the excuse ceased to exist.
(2)Where sub-paragraph (1)(b) applies, any further time limit running from the end of the period concerned is instead to run from the time when the thing in question was actually done.
[F8(3)For the purposes of sub-paragraph (1)—
(a)an insufficiency of funds is not a reasonable excuse, unless attributable to events outside P's control, and
(b)where P relies on any other person to do anything, that is not a reasonable excuse unless P took reasonable care to avoid the failure.]
Textual Amendments
F6Word in Sch. 5 para. 53(1) inserted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 219(2)(a), 222
F7Word in Sch. 5 para. 53(1)(a)(b) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 219(2)(b), 222
F8Sch. 5 para. 53(3) inserted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 219(3), 222 (with Sch. 8 para. 225)
54(1)The Treasury may by order amend the EMI code—U.K.
(a)to make such amendments of paragraphs 13 to 23 (the trading activities requirement and related provisions) as they consider expedient;
(b)to substitute different sums of money for those for the time being specified in—
(i)paragraphs 5(1) and 6(1) and (3) (maximum entitlement of employee);
(ii)paragraph 12(1) and (2) (the gross assets requirement).
(2)An order under sub-paragraph (1)(b) which amends paragraphs 5(1) and 6(1) and (3) may amend section 536(1)(e) (other disqualifying events) so as to substitute the same sum for the one that is for the time being specified there.
55(1)For the purposes of the EMI code the “market value” of shares has the same meaning as it has for the purposes of TCGA 1992 by virtue of Part 8 of that Act.U.K.
(2)Sub-paragraph (1) is subject to paragraph 5(7) (valuation of shares subject to restriction or risk of forfeiture) as it applies for the purposes of any provision of the EMI code.
56(1)This paragraph applies to the determination of the market value of shares for the purposes of the EMI code.U.K.
(2)Unless—
(a)it is agreed between the employer company and [F1an officer of Revenue and Customs], or
(b)a reference is made under sub-paragraph (4),
the market value of shares is to be determined by [F1an officer of Revenue and Customs].
(3)Where the market value of shares on any date needs to be determined for the purposes of the EMI code, [F1an officer of Revenue and Customs] and the employer company may agree that it is to be determined by reference to a date or dates, or to the average of the values on a number of dates, stated in the agreement.
(4)At any time before notice of [F1an officer of Revenue and Customs] determination has been given to the employer company, [F9the company may apply to the tribunal for the question of the market value of the shares to be determined].
F10(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F11(6)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).]
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)
F9Words in Sch. 5 para. 56(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. 355(2)
F10Sch. 5 para. 56(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. 355(3)
F11Sch. 5 para. 56(6) 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. 355(4)
57(1)The employer company may appeal against any determination by [F1an officer of Revenue and Customs] under paragraph 56.U.K.
(2)Notice of appeal must be given to [F1an officer of Revenue and Customs] within 30 days after the date when notice of their determination is given to the employer company.
F12(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)
F12Sch. 5 para. 57(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. 356
Textual Amendments
F13Sch. 5 paras. 57A-57E and cross-heading inserted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 220, 222
F1457AU.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F14Sch. 5 para. 57A 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(4)
57B(1)This paragraph applies if a company fails to give a return for a tax year (containing, or accompanied by, all required information) on or before the date mentioned in paragraph 52(5)(b) (“the date for delivery”).U.K.
(2)The company is liable for a penalty of £100.
(3)If the company's failure continues after the end of the period of 3 months beginning with the date for delivery, the company is liable for a further penalty of £300.
(4)If the company's failure continues after the end of the period of 6 months beginning with the date for delivery, the company is liable for a further penalty of £300.
(5)The company is liable for a further penalty under this sub-paragraph if—
(a)the company's failure continues after the end of the period of 9 months beginning with the date for delivery,
(b)HMRC decide that such a penalty should be payable, and
(c)HMRC give notice to the company specifying the period in respect of which the penalty is payable.
(The company may be liable for more than one penalty under this sub-paragraph.)
(6)The penalty under sub-paragraph (5) is £10 for each day that the failure continues during the period specified in the notice under sub-paragraph (5)(c).
(7)The period specified in the notice under sub-paragraph (5)(c)—
(a)may begin earlier than the date on which the notice is given, but
(b)may not begin until after the end of the period mentioned in sub-paragraph (5)(a) or, if relevant, the end of any period specified in any previous notice under sub-paragraph (5)(c) given in relation to the failure.
57C(1)This paragraph applies if a return under paragraph 52, or any information accompanying such a return—U.K.
(a)is given otherwise than in accordance with paragraph 52A, or
(b)contains a material inaccuracy—
(i)which is careless or deliberate, or
(ii)which is not corrected as required by paragraph 52(7).
(2)The company is liable for a penalty of an amount decided by HMRC.
(3)The penalty must not exceed £5,000.
(4)For the purposes of sub-paragraph (1)(b)(i) an inaccuracy is careless if it is due to a failure by the company to take reasonable care.
57D(1)This paragraph applies if a company is liable for a penalty under this Part.U.K.
(2)HMRC must assess the penalty and notify the company of the assessment.
(3)Subject to sub-paragraph (4), the assessment must be made no later than 12 months after the date on which the company becomes liable for the penalty.
(4)In the case of a penalty under paragraph 57C(1)(b), the assessment must be made no later than—
(a)12 months after the date on which HMRC become aware of the inaccuracy, and
(b)6 years after the date on which the company becomes liable for the penalty.
(5)A penalty payable under this Part must be paid—
(a)no later than 30 days after the date on which the notice under sub-paragraph (2) is given to the company, or
(b)if notice of appeal is given against the penalty under paragraph 57E(1) or (2), no later than 30 days after the date on which the appeal is determined or withdrawn.
(6)The penalty may be enforced as if it were corporation tax or, if the company is not within the charge to corporation tax, income tax charged in an assessment and due and payable.
(7)Sections 100 to 103 of TMA 1970 do not apply to a penalty under this Part.
57E(1)A company may appeal against a decision of HMRC that the company is liable for a penalty under this Part.U.K.
(2)A company may appeal against a decision of HMRC as to the amount of a penalty payable by the company under this Part.
(3)Notice of appeal must be given to HMRC no later than 30 days after the date on which the notice under paragraph 57D(2) is given to the company.
(4)On an appeal under sub-paragraph (1) which is notified to the tribunal, the tribunal may affirm or cancel the decision.
(5)On an appeal under sub-paragraph (2) which is notified to the tribunal, the tribunal may—
(a)affirm the amount of the penalty decided, or
(b)substitute another amount for that amount.
(6)Subject to this paragraph and paragraph 57D, the provisions of Part 5 of TMA 1970 relating to appeals have effect in relation to an appeal under this paragraph as they have effect in relation to an appeal against an assessment to corporation tax or, if the company is not within the charge to corporation tax, income tax.]
58U.K.In the EMI code—
“arrangements” includes any scheme, agreement or understanding, whether it is legally enforceable or not;
“company” means a body corporate;
“group of companies” means a parent company and its 51% subsidiaries;
“the group”, in relation to a parent company, means that company and its 51% subsidiaries;
“parent company” means a company that has one or more 51% subsidiaries and “single company” means a company that does not;
“research and development” has the meaning given by [F15section 1006 of ITA 2007];
“
” includes stock.Textual Amendments
F15Words in Sch. 5 para. 58 substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 450(3) (with Sch. 2)
59U.K.In the EMI code the following expressions are defined or otherwise explained by the provisions indicated below:
the appropriate time | paragraph 1(4) |
arrangements | paragraph 58(1) |
child | [F16section 721(6)] |
close company | [F17section 989 of ITA 2007], (and see paragraph 29(4)) |
closure notice | paragraph 47(4) |
company | paragraph 58 |
company reorganisation (in Part 6 of this Schedule) | paragraph 39(2) |
connected person | section 718 |
control | section 719 (and see paragraphs 10(2) and 23(6)) |
disqualifying event | see sections 532 to 539 |
distribution | [F18section 989 of ITA 2007] |
earnings | section 62 and see section 721(7) |
the EMI code | section 527(3) |
employee and employment | section 4 |
eligible employee | paragraph 24 |
employer company | paragraph 2 |
excluded activities | paragraph 16 |
farming | [F19section 996 of ITA 2007] |
F20. . . | F20. . . |
generally accepted accounting practice | [F21section 997 of ITA 2007] |
group of companies | paragraph 58 |
the group | paragraph 58 |
F22. . . | F22... |
market value | paragraph 55 (and see paragraph 5(7)) |
met (in Part 7 of this Schedule) | paragraph 44(7) |
new option | paragraph 41(7) |
notice | [F23section 989 of ITA 2007] |
[F24offshore installation] | [F25sections 1001 and 1002 of ITA 2007] |
old option | paragraph 41(7) |
ordinary share capital | [F26section 989 of ITA 2007] |
original option | section 529(3) |
parent company | paragraph 58 |
personal representative | [F27section 989 of ITA 2007] |
qualifying company | paragraph 8 |
qualifying option | section 527(4) (and see paragraph 41(5)) |
qualifying subsidiary | paragraph 11 |
qualifying trade | paragraph 15 |
relevant company | paragraph 2 |
replacement option | section 527(4) |
the requirements of this Schedule | section 527(4) |
research and development | paragraph 58 |
share option | section 527(4) |
shares | paragraph 58 (and see paragraph 40(4)(a)) |
single company | paragraph 58 |
F28. . . | F28. . . |
51% subsidiary | [F29section 989 of ITA 2007] |
tax | [F30section 989 of ITA 2007] |
tax year | [F31section 4(2) of ITA 2007 (as applied by section 989 of that Act)] |
trade | [F32section 989 of ITA 2007] |
[F33tribunal | section 989 of ITA 2007] |
United Kingdom | [F34section 1013 of ITA 2007] |
Textual Amendments
F16Words in Sch. 5 para. 59 Table substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 450(4)(a) (with Sch. 2)
F17Words in Sch. 5 para. 59 Table substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 450(4)(b) (with Sch. 2)
F18Words in Sch. 5 para. 59 Table substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 450(4)(c) (with Sch. 2)
F19Words in Sch. 5 para. 59 Table substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 450(4)(d) (with Sch. 2)
F20Sch. 5 para. 59 Table entry 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. 357(2)
F21Words in Sch. 5 para. 59 Table substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 450(4)(e) (with Sch. 2)
F22Words in Sch. 5 para. 59 repealed (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 124(f), Sch. 5; S.I. 2005/1126, art. 2(2)(h)(i)
F23Words in Sch. 5 para. 59 Table substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 450(4)(f) (with Sch. 2)
F24Words in Sch. 5 para. 59 inserted (with effect in accordance with Sch. 27 para. 17(6)(7) of the amending Act) by Finance Act 2004 (c. 12), Sch. 27 para. 17(5)
F25Words in Sch. 5 para. 59 Table substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 450(4)(g) (with Sch. 2)
F26Words in Sch. 5 para. 59 Table substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 450(4)(h) (with Sch. 2)
F27Words in Sch. 5 para. 59 Table substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 450(4)(i) (with Sch. 2)
F28Sch. 5 para. 59 Table entry 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. 357(3)
F29Words in Sch. 5 para. 59 Table substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 450(4)(j) (with Sch. 2)
F30Words in Sch. 5 para. 59 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. 399(6) (with Sch. 2)
F31Words in Sch. 5 para. 59 Table substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 450(4)(l) (with Sch. 2)
F32Words in Sch. 5 para. 59 Table substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 450(4)(m) (with Sch. 2)
F33Words in Sch. 5 para. 59 Table 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. 357(4)
F34Words in Sch. 5 para. 59 Table substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 450(4)(n) (with Sch. 2)
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
Y Ddeddf Gyfan you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Y Ddeddf Gyfan heb Atodlenni you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Y Rhestrau you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’.
Gwreiddiol (Fel y’i Deddfwyd neu y’i Gwnaed): Mae'r wreiddiol fersiwn y ddeddfwriaeth fel ag yr oedd pan gafodd ei deddfu neu eu gwneud. Ni wnaed unrhyw newidiadau i’r testun.
Rhychwant ddaearyddol: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Dangos Llinell Amser Newidiadau: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Testun a grëwyd gan yr adran o’r llywodraeth oedd yn gyfrifol am destun y Ddeddf i esbonio beth mae’r Ddeddf yn ceisio ei wneud ac i wneud y Ddeddf yn hygyrch i ddarllenwyr nad oes ganddynt gymhwyster cyfreithiol. Cyflwynwyd Nodiadau Esboniadol ym 1999 ac maent yn cyd-fynd â phob Deddf Gyhoeddus ac eithrio Deddfau Adfeddiannu, Cronfa Gyfunol, Cyllid a Chyfnerthiad.
Gallwch wneud defnydd o ddogfennau atodol hanfodol a gwybodaeth ar gyfer yr eitem ddeddfwriaeth o’r tab hwn. Yn ddibynnol ar yr eitem ddeddfwriaeth sydd i’w gweld, gallai hyn gynnwys:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Defnyddiwch y ddewislen hon i agor dogfennau hanfodol sy’n cyd-fynd â’r ddeddfwriaeth a gwybodaeth am yr eitem hon o ddeddfwriaeth. Gan ddibynnu ar yr eitem o ddeddfwriaeth sy’n cael ei gweld gall hyn gynnwys:
liciwch ‘Gweld Mwy’ neu ddewis ‘Rhagor o Adnoddau’ am wybodaeth ychwanegol gan gynnwys