Income Tax (Earnings and Pensions) Act 2003 section 40F

Enquiries

Section 40F sets out the circumstances under which HMRC may open an enquiry into a Save As You Earn (SAYE) option scheme and the time limits within which they must give notice of their intention to do so.

• HMRC may enquire into an SAYE option scheme by giving notice to the scheme organiser by 6 July in the tax year following the one in which the initial notification deadline falls, or by 6 July in the second tax year following the relevant tax year if the paragraph 40A notice was given late.
• HMRC may also open an enquiry within 12 months of receiving an annual declaration of compliance from the scheme organiser.
• At any time, if HMRC have reasonable grounds for believing that the scheme requirements under Parts 2 to 7 of the Schedule are not or have not been met, they may open an enquiry by giving notice to the scheme organiser with no fixed deadline.
• An enquiry notice may be given and an enquiry conducted even if the scheme has already been terminated.