{
  "url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-5/paragraph-46",
  "json_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-5/paragraph-46.json",
  "legislation": "ukpga/2003/1",
  "legislation_title": "Income Tax (Earnings and Pensions) Act 2003",
  "legislation_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003",
  "path": "schedule/5/paragraph/46",
  "kind": "paragraph",
  "number": "46",
  "heading": null,
  "text": "(1) This paragraph applies where notice of a share option is given under paragraph 44.\n(2) An officer of Revenue and Customs may enquire into the option if the officer gives notice to the employer company of the officer's intention to do so in accordance with this paragraph.\n(3) 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 the officer gives that individual notice of the officer's intention to do so in accordance with this paragraph.\n(4) An officer of Revenue and Customs must give a copy of a notice under sub-paragraph (3) to the employer company.\n(5) Unless given by virtue of sub-paragraph (6), a notice of enquiry may not be given more than 12 months after the date mentioned in paragraph 44(1) (the date by which a notice under that paragraph must be given).\n(6) A notice of enquiry may be given at any time if an officer of Revenue and Customs discovers that any of the information provided in or in connection with the notice under paragraph 44 was false or misleading in a material respect.\n(7) 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).\n(8) In this paragraph a “notice of enquiry” means a notice given under sub-paragraph (2) or (3).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in Sch. 5 para. 46(2) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(1)(x); S.I. 2005/1126, art. 2(2)(h)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Word in Sch. 5 para. 46(2)(3) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 124(a)(i); S.I. 2005/1126, art. 2(2)(h); S.I. 2005/1126, art. 2(2)(h)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in Sch. 5 para. 46(2)(3) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(2)(j); S.I. 2005/1126, art. 2(2)(h); S.I. 2005/1126, art. 2(2)(h)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Words in Sch. 5 para. 46(3) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(1)(y); S.I. 2005/1126, art. 2(2)(h)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Word in Sch. 5 para. 46(5) substituted (with effect in accordance with s. 13(4) of the amending Act) by Finance Act 2024 (c. 3), s. 13(3)(a)"
    },
    {
      "type": "F",
      "label": "F7",
      "text": "Words in Sch. 5 para. 46(5) substituted (with effect in accordance with s. 13(4) of the amending Act) by Finance Act 2024 (c. 3), s. 13(3)(b)"
    },
    {
      "type": "F",
      "label": "F8",
      "text": "Word in Sch. 5 para. 46(6) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 124(a)(ii); S.I. 2005/1126, art. 2(2)(h)"
    }
  ],
  "outstanding_effects": [
    {
      "type": "words substituted",
      "affecting": "ukpga/2025/36",
      "affecting_title": "Employment Rights Act 2025"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/1/schedule/5/paragraph/46",
    "retrieved_at": "2026-10-29T09:18:42.395488+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}