Paragraph 2

United Kingdom

(1)

For an option to be a qualifying option notice of the option must be given to the Inland Revenue within 30 days[F192 days]after the grant of the option.

(2)

The notice must—

(a)

be given by the employer company, and

(b)

be in a form required or authorised by the Inland Revenue.

(3)

The notice must contain, or be supported by, such information as the Inland Revenue may require for the purpose of determining whether the requirements of this Schedule are met.

(4)

The notice must also contain—

(a)

a declaration by a director, or the secretary, of the employer company—

(i)

that in his opinion the requirements of this Schedule are met in relation to the option, and

(ii)

that the information provided is to the best of his knowledge correct and complete, and

(b)

a declaration by the individual to whom the option was granted that he meets the requirement of paragraph 29 (commitment of working time) in relation to the option.

Annotations

Textual amendments

F1: Words in Sch. 14 para. 2 substituted (11.5.2001 with effect as mentioned in Sch. 14 para. 13(1) of the amending Act) by 2001 c. 9, s. 63, Sch. 14 paras. 1, 2, 13(1).

Notes on Schedule 14

Textual amendments

F1: Sch. 14 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)