SCHEDULES
SCHEDULE 8Employee share schemes
PART 4Enterprise management incentives
217Amendments to Schedule 5 to ITEPA 2003
1
Paragraph 44 (notice of option to be given to HMRC) is amended as follows.
2
In sub-paragraph (2) omit paragraph (b) and the “and” before it.
3
In sub-paragraph (4) for “each of sub-paragraphs (5) and (6)” substitute “sub-paragraph (5)”.
4
In sub-paragraph (5)—
a
after paragraph (a) omit “and”, and
b
after paragraph (b) insert
, 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
5
After sub-paragraph (5) insert—
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
After sub-paragraph (7) insert—
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.