SCHEDULES
SCHEDULE 5Enterprise management incentives
Part 8Supplementary provisions
Annual returns
F152
1
This paragraph applies in relation to a company whose shares are (or have been) subject to qualifying options.
2
The company must give to Her Majesty's Revenue and Customs (“HMRC”) a return for each tax year falling (wholly or partly) in the company's qualifying option period.
3
The company's “qualifying option period” is the period—
a
beginning when the first qualifying option to which the company's shares are subject is granted, and
b
ending when the termination condition is met.
4
“The termination condition” is met when the company's shares—
a
are no longer subject to qualifying options, and
b
will no longer become subject to qualifying options.
5
The return for a tax year must—
a
contain, or be accompanied by, such information as HMRC may require, and
b
be given on or before 6 July in the following tax year.
6
The information which may be required under sub-paragraph (5)(a) includes (in particular) information to enable HMRC to determine the liability to tax, including capital gains tax, of any person who has been granted a qualifying option to which the company's shares are subject.
7
If the company becomes aware that—
a
anything which should have been included in, or should have accompanied, a return for a tax year was not included in, or did not accompany, the return,
b
anything which should not have been included in, or should not have accompanied, a return for a tax year was included in, or accompanied, the return, or
c
any other error or inaccuracy has occurred in relation to a return for a tax year,
the company must give an amended return correcting the position to HMRC without delay.
F152A
1
A return under paragraph 52, and any information accompanying the return, must be given electronically.
2
But, if HMRC consider it appropriate to do so, HMRC may allow a company to give a return or any accompanying information in another way; and, if HMRC do so, the return or information must be given in that other way.
3
The Commissioners for Her Majesty's Revenue and Customs—
a
must prescribe how returns and accompanying information are to be given electronically;
b
may make different provision for different cases or circumstances.