SCHEDULES

SCHEDULE 4Approved CSOP schemes

Part 7Approval of schemes

Application for approval

28

1

Where—

a

a CSOP scheme has been established, and

b

the scheme organiser makes an application to F9an officer of Revenue and Customs for approval of the scheme,

F9an officer of Revenue and Customs must approve the scheme if F6the officerF5is satisfied that it meets the requirements of Parts 2 to 6 of this Schedule.

2

An application for approval—

a

must be in writing, and

b

must contain such particulars and be supported by such evidence as F9an officer of Revenue and Customs may require.

3

Once F9an officer of Revenue and CustomsF8has decided whether or not to approve the scheme, F6the officer must give notice of F7the decision to the scheme organiser.

Appeal against refusal of approval

29

1

If F9an officer of Revenue and CustomsF16refuses to approve the scheme, the scheme organiser may appeal F20....

2

The notice of appeal must be given to F9an officer of Revenue and Customs within 30 days after the date on which notice of F17the officer's decision was given to the scheme organiser.

3

F21If the appeal is notified to and allowed by the tribunal, the tribunal may directF9an officer of Revenue and Customs to approve the scheme with effect from a date specified by the F22tribunal .

4

The date so specified must not be earlier than that of the application for approval.

Withdrawal of approval

30

1

If any disqualifying event occurs in connection with an approved CSOP scheme, F9an officer of Revenue and Customs may by a notice given to the scheme organiser withdraw the approval with effect from—

a

the time at which the disqualifying event occurred, or

b

a later time specified by F9an officer of Revenue and Customs in the notice.

2

A “disqualifying event” occurs in connection with a scheme if—

a

any of the requirements of Parts 2 to 6 of this Schedule ceases to be met;

F3aa

an alteration is made in a key feature of the scheme without the approval of F9an officer of Revenue and Customs ; or

b

the scheme organiser fails to provide information requested by F9an officer of Revenue and Customs under paragraph 33.

F23

For the purposes of sub-paragraph (2)(aa) F9an officer of Revenue and Customs may not withhold F19... approval unless it appears to F18the officer at the time in question that the scheme as proposed to be altered would not then be approved on an application under paragraph 28.

4

For the purposes of that sub-paragraph a “key feature” of a scheme is a provision of the scheme which is necessary in order to meet the requirements of this Schedule.

F1Notice of decision about alteration

Annotations:
Amendments (Textual)
F1

Sch. 4 para. 31 and crossheading substituted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 21 para. 17(4)

31

Where F9an officer of Revenue and Customs —

a

F12has been requested to approve any alteration in a CSOP scheme that has been approved, and

b

F12has decided whether or not to approve the alteration,

F10the officer must give notice of F11the decision to the scheme organiser.

Appeal against withdrawal of approval etc.

32

1

This paragraph applies if a CSOP scheme has been approved by F9an officer of Revenue and Customs and F13the officer —

a

F14decides to withdraw approval of the scheme under paragraph 30, or

F4b

F14decides to refuse approval under paragraph 30(2)(aa).

2

The scheme organiser may appeal against the decision F23....

3

The notice of appeal must be given to F9an officer of Revenue and Customs within 30 days after the date on which notice of F15the officer's decision was given to the scheme organiser.