SCHEDULES

SCHEDULE 5Enterprise management incentives

Part 7Notification of option to inland revenue

Effect of enquiry

49

(1)

If F1an officer of Revenue and Customs F2does not give a notice of enquiry, the requirements of this Schedule are taken to be met in relation to the option.

(2)

If F1an officer of Revenue and Customs F2does give a notice of enquiry, F3the officer's decision stated in the closure notice is conclusive as to whether the requirements of this Schedule are met in relation to the option.

(3)

But this is subject—

(a)

if F3the officer's decision is that the requirements are not met, to the outcome of any appeal against that decision under paragraph 50;

(b)

if their decision is that the requirements are met, to the outcome of any subsequent enquiry under paragraph 46(6) (enquiry arising from discovery of false or misleading information).

(4)

This paragraph does not affect the provisions of sections 532 to 539 (which relate to disqualifying events).