Textual Amendments
F1Pt. 7 heading substituted (with effect in accordance with Sch. 22 para. 2(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 2(1)
Textual Amendments
F2Pt. 7 Ch. 1 substituted (with effect in accordance with Sch. 22 para. 2(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 2(1)
(1)This section applies in relation to reportable events.
(2)Section 421K explains what are reportable events for the purposes of this section.
(3)Each person who is a responsible person in relation to a reportable event must provide the Inland Revenue with particulars in writing of the reportable event before 7th July in the tax year following that in which the reportable event takes place.
(4)The Inland Revenue may by notice require any person to provide them with such particulars of any reportable events—
(a)which take place in a period specified in the notice, and
(b)in relation to which that person is a responsible person,
as are required by the notice or, if no reportable event in relation to which that person is a responsible person has taken place in that period, to state that fact.
(5)A notice under subsection (4) must specify a date by which it must be complied with.
(6)That date must not be less than 30 days after the date when the notice is given.
(7)Once one person complies with the duty imposed by subsection (3) in relation to a reportable event, that subsection ceases to impose a duty on any other person in relation to the reportable event.
(8)Once a person complies with the duty imposed by a notice under subsection (4) by providing the required particulars of a reportable event, subsection (3) ceases to impose a duty on that person or any other person in relation to that reportable event.
(9)Section 421L explains who are the responsible persons in relation to a reportable event.
(10)The particulars required by, or by a notice under, this section must be provided in a form specified by the Board of Inland Revenue.
(11)A person need not provide particulars required by, or by a notice under, this section if they have been given in a notice under paragraph 44 of Schedule 5 (enterprise management incentives: notice of option to be given to Inland Revenue).
In other respects the obligations imposed by, or by a notice under, this section and by that paragraph are independent of each other.
(12)Paragraph 52 of that Schedule contains a duty to deliver annual returns where a company’s shares are subject to a qualifying option within the meaning of that Schedule.]