Paragraph 51

United Kingdom

(1)

F1An officer of Revenue and Customs may by notice require a person to provide F2the officer with information—

(a)

which the officer reasonably F3requires for the performance of F4the officer's functions under the EMI code, and

(b)

which the person to whom the notice is addressed has or can reasonably obtain.

(2)

The power conferred by this paragraph extends, in particular, to information to enable an officer of Revenue and Customs —

(a)

to decide whether a share option is a qualifying option, or

(b)

to determine the liability to tax, including capital gains tax, of any person who has been granted a qualifying option.

(3)

The notice must require the information to be provided within a specified period, which must not end earlier than 3 months after the date when the notice is given.

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. 51(1) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(1)(aa); S.I. 2005/1126, art. 2(2)(h)
F3: Word in Sch. 5 para. 51(1) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 124(e); S.I. 2005/1126, art. 2(2)(h)
F4: Words in Sch. 5 para. 51(1) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 103(2)(m); S.I. 2005/1126, art. 2(2)(h)

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)