Paragraph 44

United Kingdom

(1)

For a share option to be a qualifying option, notice of the option must be given to F1an officer of Revenue and Customs F2on or before 6 July following the end of the tax year in which the option was granted.

(2)

The notice must—

(a)

be given by the employer company, F3...

(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)

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

(4)

The notice must also contain a declaration within F4sub-paragraph (5).

(5)

A declaration within this sub-paragraph is a declaration by a director, or the secretary, of the employer company—

(a)

that in the opinion of that person the requirements of this Schedule are met in relation to the option, F5... F6and

(b)

that the information provided is, to the best of that person’s knowledge, correct and complete F7...

(c)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F8(5A)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9(6)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7)

Any reference in this Part of this Schedule to the requirements (or any of the requirements) of this Schedule being met in relation to a share option is a reference to the requirements or requirement being met in relation to it at the appropriate time.

F10(8)

The notice, and any information supporting it, must be given electronically.

(9)

But, if an officer of Revenue and Customs considers it appropriate to do so, the officer may allow the employer company to give the notice or any supporting information in another way; and, if the officer does so, the notice or information must be given in that other way.

(10)

The Commissioners for Her Majesty's Revenue and Customs—

(a)

must prescribe how notices and supporting information are to be given electronically;

(b)

may make different provision for different cases or circumstances.

Annotations

Textual amendments

F1: Words in Act substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 102(1); S.I. 2005/1126, art. 2(2)(h)
F2: Words in Sch. 5 para. 44(1) substituted (with effect in accordance with s. 13(4) of the amending Act) by Finance Act 2024 (c. 3), s. 13(2)
F3: Sch. 5 para. 44(2)(b) and word omitted (with effect in accordance with Sch. 8 para. 223 of the amending Act) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 217(2), 222
F4: Words in Sch. 5 para. 44(4) substituted (with effect in accordance with Sch. 8 para. 223 of the amending Act) by Finance Act 2014 (c. 26), Sch. 8 paras. 217(3), 222
F5: Word in Sch. 5 para. 44(5) omitted (with effect in accordance with Sch. 8 para. 223 of the amending Act) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 217(4)(a), 222
F6: Word in Sch. 5 para. 44(5) inserted (with effect in accordance with s. 17(5)-(9) of the amending Act) by Finance (No. 2) Act 2023 (c. 30), s. 17(3)(a)(i)
F7: Sch. 5 para. 44(5)(c) and word omitted (with effect in accordance with s. 17(5)-(9) of the amending Act) by virtue of Finance (No. 2) Act 2023 (c. 30), s. 17(3)(a)(ii)
F8: Sch. 5 para. 44(5A) omitted (with effect in accordance with s. 17(5)-(9) of the amending Act) by virtue of Finance (No. 2) Act 2023 (c. 30), s. 17(3)(b)
F9: Sch. 5 para. 44(6) omitted (with effect in accordance with s. 17(5)-(9) of the amending Act) by virtue of Finance (No. 2) Act 2023 (c. 30), s. 17(3)(b)
F10: Sch. 5 para. 44(8)-(10) inserted (with effect in accordance with Sch. 8 para. 223 of the amending Act) by Finance Act 2014 (c. 26), Sch. 8 paras. 217(6), 222

Notes on Schedule 5

Modifications

C1: Sch. 5 modified (18.3.2026) by Finance Act 2026 (c. 11), s. 16
C2: Sch. 5 modified (6.4.2026) by Finance Act 2026 (c. 11), s. 13(10)