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The Employee Share Schemes (Electronic Communication of Returns and Information) Regulations 2007
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- UK Statutory Instruments
- 2007 No. 792
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations provide for the use of approved methods of electronic communications for the delivery of information required under some of the Chapters of Part 7 of the Income Tax (Earnings and Pensions) Act 2003 (c. 1). Part 7 has the title “Employment income: income and exemptions relating to securities”; and the Chapters in question are Chapter 1 (general), Chapter 6 (approved share incentive plans), Chapter 7 (approved SAYE option schemes) and Chapter 8 (approved CSOP schemes).
These Regulations are divided into three Parts, of which Part 1 is introductory. Regulation 1 deals with citation and commencement and regulation 2 with interpretation.
Part 2, consisting of regulation 3, deals with the information which may be delivered by electronic communications, and provides for information to be delivered to Revenue and Customs if it is sent by an approved method of electronic communications, and the sender is authorised by Revenue and Customs to use electronic communications for that purpose. The information falling within Part 2 is specified in the Schedule to these Regulations.
Part 3 deals with evidential matters. Regulation 4 is concerned with the issue of whether relevant information has been delivered electronically. Regulation 5 is concerned with proof of the content of an electronic delivery of information, and Regulation 6 with proof of the identity of the person sending or receiving an electronic delivery of information. Regulation 7 is concerned with information sent electronically on behalf of a person, and regulation 8 with proof of information sent electronically. Regulation 9 deals with the authentication of information in a document otherwise required to be signed, and regulation 10 with the consequences of the use of an unauthorised method of electronic communication.
A full regulatory impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.
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