SCHEDULES

SCHEDULE 4F2... CSOP schemes

Annotations:
Amendments (Textual)
F2

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)

F1PART 7Notification of schemes, annual returns and enquiries

Annotations:
Amendments (Textual)
F1

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.