SCHEDULES
SCHEDULE 2F1... share incentive plans
F2PART 10Notification of plans, annual returns and enquiries
Sch. 2 Pt. 10 substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 28, 89 (with Sch. 8 paras. 90-96)
Annual returns
81B
1
This paragraph applies if notice is given in relation to a SIP under paragraph 81A.
2
The company 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 81A(5) applies in relation to the SIP, 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 SIP, or
b
any other person whose liability to tax the operation of the SIP is relevant to.
6
If during a tax year an alteration is made in a key feature of—
a
the SIP, or
b
the plan trust,
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 that the alteration has not caused the requirements of Parts 2 to 9 of this Schedule not to be met in relation to the SIP.
8
For the purposes of sub-paragraph (6) a “key feature” of a SIP or plan trust is a provision of the SIP or plan trust which is necessary in order for the requirements of Parts 2 to 9 of this Schedule to be met in relation to the SIP.
9
A return is not required for any tax year following that in which the termination condition is met in relation to the SIP.
10
For the purposes of this Part “the termination condition” is met in relation to a SIP when—
a
a plan termination notice has been issued in relation to it under paragraph 89, and
b
all the requirements under paragraphs 56(3), 68(4)(c) and 90 have been met by the trustees.
11
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.
Word in Sch. 2 title omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 14, 89 (with Sch. 8 paras. 90-96)