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.