SCHEDULES
SCHEDULE 4F2... CSOP schemes
F1PART 7Notification of schemes, annual returns and enquiries
Sch. 4 Pt. 7 substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 179, 204 (with Sch. 8 paras. 205-215)
Enquiries
28H
1
This paragraph applies if HMRC decide—
a
that requirements of Parts 2 to 6 of this Schedule—
i
are not met in relation to the scheme, or
ii
have not been met in relation to the scheme, and
b
that the situation is, or was, so serious that this paragraph should apply.
2
If this paragraph applies—
a
the scheme is not to be a Schedule 4 CSOP scheme with effect from—
i
such relevant time as is specified in the closure notice, or
ii
if no relevant time is specified, the time of the giving of the closure notice, and
b
the scheme organiser is liable for a penalty of an amount decided by HMRC.
3
The penalty under sub-paragraph (2)(b) must not exceed an amount equal to twice HMRC's reasonable estimate of—
a
the total income tax for which persons who have been granted share options under the scheme have not been liable, or will not be liable in the future, and
b
the total contributions under Part 1 of SSCBA 1992 or SSCB(NI)A 1992 for which any persons have not been liable, or will not be liable in the future,
in consequence of the scheme having been a Schedule 4 CSOP scheme at any relevant time before the time mentioned in sub-paragraph (2)(a)(i) or (ii) (as the case may be).
4
In this paragraph “relevant time” means any time before the giving of the closure notice when requirements of Parts 2 to 6 of this Schedule were not met in relation to the scheme.
Word in Sch. 4 title omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 164, 204 (with Sch. 8 paras. 205-215)