Paragraph 46

This paragraph applies where notice of a share option is given under paragraph 44.

F1An officer of Revenue and Customs may enquire into the option if F2the officer F3gives notice to the employer company of F4the officer's intention to do so in accordance with this paragraph.

An officer of Revenue and Customs may enquire into whether the requirement of paragraph 26 (commitment of working time) is met in relation to the option by the individual to whom it has been granted if F5the officer gives that individual notice of the officer's intention to do so in accordance with this paragraph.

An officer of Revenue and Customs must give a copy of a notice under sub-paragraph (3) to the employer company.

Unless given by virtue of sub-paragraph (6), a notice of enquiry may not be given more than 12 months after the F6date mentioned in paragraph 44(1) (the F7date by which a notice under that paragraph must be given).

A notice of enquiry may be given at any time if an officer of Revenue and Customs F8discovers that any of the information provided in or in connection with the notice under paragraph 44 was false or misleading in a material respect.

An option that has been the subject of one notice of enquiry under sub-paragraph (2) or (3) may not be the subject of another notice under that sub-paragraph, unless the notice is given by virtue of sub-paragraph (6).

In this paragraph a “notice of enquiry” means a notice given under sub-paragraph (2) or (3).