Income Tax (Earnings and Pensions) Act 2003

This section has no associated Explanatory Notes

44(1)For a share option to be a qualifying option, notice of the option must be given to [F1an officer of Revenue and Customs] within 92 days after the date of the grant of the option.U.K.

(2)The notice must—

(a)be given by the employer company, F2...

F2(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)The notice must contain, or be supported by, such information as [F1an 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 [F3sub-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, F4...

(b)that the information provided is, to the best of that person’s knowledge, correct and complete[F5, 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].

[F6(5A)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.

[F7(8)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.]

Textual Amendments

F2Sch. 5 para. 44(2)(b) and word omitted (with effect in accordance with Sch. 8 para. 223 of the amending Act) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 217(2), 222

F3Words in Sch. 5 para. 44(4) substituted (with effect in accordance with Sch. 8 para. 223 of the amending Act) by Finance Act 2014 (c. 26), Sch. 8 paras. 217(3), 222

F4Word in Sch. 5 para. 44(5) omitted (with effect in accordance with Sch. 8 para. 223 of the amending Act) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 217(4)(a), 222

F5Sch. 5 para. 44(5)(c) and word inserted (with effect in accordance with Sch. 8 para. 223 of the amending Act) by Finance Act 2014 (c. 26), Sch. 8 paras. 217(4)(b), 222

F6Sch. 5 para. 44(5A) inserted (with effect in accordance with Sch. 8 para. 223 of the amending Act) by Finance Act 2014 (c. 26), Sch. 8 paras. 217(5), 222

F7Sch. 5 para. 44(8)-(10) inserted (with effect in accordance with Sch. 8 para. 223 of the amending Act) by Finance Act 2014 (c. 26), Sch. 8 paras. 217(6), 222