Part 8 Supplementary provisions
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Power to require information
33 (1) [An officer of Revenue and Customs]1 may by notice require any person to provide [an officer]2 with any information—
(a) which [an officer]2 reasonably require for the performance of [an officer's]3 functions under the CSOP code, and
(b) which the person to whom the notice is addressed has or can reasonably obtain.
Amendments
1 Substituted for the words “the Inland Revenue” by Commissioners for Revenue and Customs Act 2005 section 50(6) and Schedule 4 para 102(1) from 18 April 2005.
2 Substituted by Commissioner for Revenue and Customs Act 2005 section 50(6) and Schedule 4 para 103(1)(w) from 18 April 2005.
3 Substituted for the word “their” by Commissioner for Revenue and Customs Act 2005 section 50(6) and Schedule 4 para 103(2)(i) from 18 April 2005.
(2) The power conferred by this paragraph extends, in particular, to—
(a) information to enable [an officer of Revenue and Customs]1—
(i) to decide whether to approve a CSOP scheme or to withdraw an approval already given, or
(ii) to determine the liability to tax, including capital gains tax, of any person who has participated in a scheme, and
(b) information about the administration of a scheme and any alteration of the terms of a scheme.
Amendments
1 Substituted for the words “the Inland Revenue” by Commissioners for Revenue and Customs Act 2005 section 50(6) and Schedule 4 para 102(1) from 18 April 2005.
(3) The notice must require the information to be provided within a specified time, which must not end earlier than 3 months after the date when the notice is given.
Jointly owned companies
34 (1) This paragraph applies for the purposes of the provisions of the CSOP code relating to group schemes.
(2) Each joint owner of a jointly owned company is to be treated as controlling every company within sub-paragraph (3).
(3) The companies within this sub-paragraph are—
(a) the jointly owned company, and
(b) any company controlled by that company.
(4) However, no company within sub-paragraph (3) may be—
(a) a constituent company in more than one group scheme, or
(b) a constituent company in a particular group scheme if another company within that sub-paragraph is a constituent company in a different group scheme.
(5) In this paragraph a “jointly owned company” means a company which (apart from sub-paragraph (2)) is not controlled by any one person and—
(a) of which 50% of the issued share capital is owned by one person and 50% by another, or
(b) which is otherwise controlled by two persons taken together.
(6) In this paragraph “joint owner” means one of the persons mentioned in sub-paragraph (5)(a) or (b).
Meaning of “associated company”
35 (1) For the purposes of the CSOP code one company is an “associated company” of another company at a given time if, at that time or at any other time within one year previously—
(a) one has control of the other, or
(b) both are under the control of the same person or persons.
(2) For the purposes of sub-paragraph (1) the question whether a person controls a company is to be determined in accordance with section 416(2) to (6) of ICTA.
Amendments
Para 35A and heading inserted by Finance Act 2003 section 139 and Schedule 21 para 15 from 10 July 2003.
Retirement age
35A A retirement age specified in a CSOP scheme—
(a) must be the same for men and women, and
(b) must not be less than 55.
Minor definitions
36 (1) In the CSOP code—
“company” means a body corporate;
“market value” has the same meaning as it has for the purposes of TCGA 1992 by virtue of Part 8 of that Act.
(2) For the purposes of the CSOP code a company is a member of a consortium owning another company if it is one of a number of companies—
(a) which between them beneficially own not less than 75% of the other company's ordinary share capital, and
(b) each of which beneficially owns not less than 5% of that capital.
Index of defined expressions
37 In the CSOP code the following expressions are defined or otherwise explained by the provisions indicated below:
| approved | section 521(4) |
| associated company | paragraph 35(1) |
| child | [section 721(6)]1 |
| close company | [section 989 of ITA 2007]2, (and see paragraph 9(4)) |
| company | paragraph 36(1) |
| connected person | section 718 |
| constituent company | paragraph 3(3) |
| control | section 719(and see paragraph 35(2)) |
| the CSOP code | section 521(3) |
| CSOP scheme | section 521(4) |
| distribution | [section 989 of ITA 2007]3 |
| eligible shares (in Part 4 of this Schedule) | paragraph 15(2) |
| employee and employment | section 4 |
| group scheme | paragraph 3(2) (and see paragraph 34) |
| ...4 | ...4 |
| market value | paragraph 36(1) |
| member of a consortium | paragraph 36(2) |
| notice | [section 989 of ITA 2007]5 |
| the options (in relation to a participant) | paragraph 2(2) |
| ordinary share capital | [section 989 of ITA 2007]6 |
| participant | paragraph 2(2) |
| participate | paragraph 2(2) |
| personal representatives | [section 989 of ITA 2007]7 |
| recognised stock exchange | [section 1005 of ITA 2007]8 |
| the scheme organiser | paragraph 2(2) |
| share option | section 521(4) |
| shares | section 521(4) |
| ...9 | ...9 |
| [tribunal]10 | [section 989 of ITA 2007]10 |
| ...11 | ...11 |
Amendments
1 Substituted for “section 832(5) of ICTA (and see section 721(6) of this Act)” by Income Tax Act 2007 section 1027 and Schedule 1 para 449(a) from 6 April 2007.
2 Substituted for “section 832(1) of ICTA” by Income Tax Act 2007 section 1027 and Schedule 1 para 449(b) from 6 April 2007.
3 Substituted for “section 832(1) of ICTA” by Income Tax Act 2007 section 1027 and Schedule 1 para 449(c) from 6 April 2007.
4 Entry relating to “the Inland Revenue” omitted by Commissioners for Revenue and Customs Act 2005 section 50(6) and Schedule 4 para 123(f) and repealed by section 52(2) and Schedule 5 from 18 April 2005.
5 Substituted for “section 832(1) of ICTA” by Income Tax Act 2007 section 1027 and Schedule 1 para 449(d) from 6 April 2007.
6 Substituted for “section 832(1) of ICTA” by Income Tax Act 2007 section 1027 and Schedule 1 para 449(e) from 6 April 2007.
7 Substituted for “section 721(1)” by Income Tax Act 2007 section 1027 and Schedule 1 para 449(f) from 6 April 2007.
8 Substituted for “section 841 of ICTA” by Income Tax Act 2007 section 1027 and Schedule 1 para 449(g) from 6 April 2007.
9 Entry relating to “Special Commissioners” omitted by S.I. 2009/56 article 3(1) and Schedule 1 para 351(2) from 1 April 2009.
10 Entry relating to “tribunal” inserted by S.I. 2009/56 article 3(1) and Schedule 1 para 351(3) from 1 April 2009.
11 Entry relating to “United Kingdom” omitted by Income Tax Act 2007 section 1027 and Schedule 1 para 449(h) and repealed by section 1031 and Schedule 3 Part 1 from 6 April 2007.
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