Income Tax (Earnings and Pensions) Act 2003 section Schedule 5 paragraph 44

Notice of option to be given to Inland Revenue

Schedule 5 paragraph 44 sets out the notification requirements that must be met for a share option to qualify as an Enterprise Management Incentive (EMI) option.

• The employer company must notify HMRC of the share option by 6 July following the end of the tax year in which the option was granted.
• The notice must contain all information HMRC may require to verify the option meets the qualifying conditions, along with a declaration by a director or company secretary.
• The notice and any supporting information must be submitted electronically, in the manner prescribed by HMRC.
• HMRC may permit the employer company to submit the notice or supporting information by an alternative method if they consider it appropriate.