The Social Security Contributions (Share Options) Regulations 2001

Records to be maintained

10.—(1) A person who has given a notice under section 1 must maintain the following records—

(a) a copy of the notice;

(b) evidence of the price at which each share may be acquired by exercise of the right in respect of which the notice is given;

(c) evidence of the amount that a person might reasonably have expected to have obtained from a sale in the open market on 7th November 2000 of each share to which the right relates;

(d) evidence that the special contribution was paid to the Inland Revenue before the end of the period of ninety-two days beginning with the day on which the Act is passed; and

(e) in cases where sub-paragraph (c) of regulation 3(2) applies, evidence of the consent referred to in that sub-paragraph.

(2) Subject to paragraph (3), the records referred to in paragraph (1) must be retained by the person required to maintain them for a period of not less than three years beginning with 6th April following the date on which a gain is realised on the exercise, assignment or release of the right in respect of which the notice under section 1 is given.

(3) In cases where—

(a) section 3 applies; and

(b) the notice under section 1 is given in respect of the original right,

the records referred to in paragraph (1) must be retained by the person required to maintain them for a period of not less than three years beginning with 6th April following the date on which a gain is realised on the exercise, assignment or release of the replacement right or any subsequent replacement right.