SCHEDULES
SCHEDULE 5Enterprise management incentives
Part 7Notification of option to inland revenue
Notice of option to be given to Inland Revenue
44
1
For a share option to be a qualifying option, notice of the option must be given to F3an officer of Revenue and Customs within 92 days after the date of the grant of the option.
2
The notice must—
a
be given by the employer company, F5...
F5b
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
The notice must contain, or be supported by, such information as F3an officer of Revenue and Customs may require for the purpose of determining whether the requirements of this Schedule are met.
4
The notice must also contain a declaration within F1sub-paragraph (5).
5
A declaration within this sub-paragraph is a declaration by a director, or the secretary, of the employer company—
a
that in the opinion of that person the requirements of this Schedule are met in relation to the option, F6...
b
that the information provided is, to the best of that person’s knowledge, correct and completeF2, and
c
that the individual to whom the option has been granted has made and signed a written declaration within sub-paragraph (6) and that the declaration is held by the employer company.
F75A
The employer company must—
a
retain the declaration mentioned in sub-paragraph (5)(c) and, if requested to do so by an officer of Revenue and Customs, produce it to such an officer before the end of the period of 7 days after the day on which the request is made, and
b
give a copy of that declaration to the individual before the end of the period of 7 days after the day on which the declaration is signed by the individual.
6
A declaration within this sub-paragraph is a declaration by the individual to whom the option has been granted that the individual meets the requirement of paragraph 26 (commitment of working time) in relation to the option.
7
Any reference in this Part of this Schedule to the requirements (or any of the requirements) of this Schedule being met in relation to a share option is a reference to the requirements or requirement being met in relation to it at the appropriate time.
F48
The notice, and any information supporting it, must be given electronically.
9
But, if an officer of Revenue and Customs considers it appropriate to do so, the officer may allow the employer company to give the notice or any supporting information in another way; and, if the officer does so, the notice or information must be given in that other way.
10
The Commissioners for Her Majesty's Revenue and Customs—
a
must prescribe how notices and supporting information are to be given electronically;
b
may make different provision for different cases or circumstances.