SCHEDULES
SCHEDULE 8Employee share schemes
PART 4Enterprise management incentives
Amendments to Schedule 5 to ITEPA 2003
219
1
Paragraph 53 (compliance with time limits) is amended as follows.
2
In sub-paragraph (1)—
a
after “a person” insert “
(“P”)
”
, and
b
in paragraphs (a) and (b) for “the person” substitute “
P
”
.
3
After sub-paragraph (2) insert—
3
For the purposes of sub-paragraph (1)—
a
an insufficiency of funds is not a reasonable excuse, unless attributable to events outside P's control, and
b
where P relies on any other person to do anything, that is not a reasonable excuse unless P took reasonable care to avoid the failure.