Part 4 Enterprise Management Incentives
Finance Act 2014 (2014 c 26) | Legislation

Part 4 Enterprise Management Incentives

Amendments to Schedule 5 to ITEPA 2003

216

Schedule 5 to ITEPA 2003 (enterprise management incentives) is amended as follows.

217

(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)â€.

(4)     In sub-paragraph (5)—

(a)     after paragraph (a) omit “andâ€, 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 companyâ€.

(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

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