Income Tax (Earnings and Pensions) Act 2003 section 51

Power to require information

Section 51 gives HMRC the power to formally require any person to provide information relevant to Enterprise Management Incentives (EMI) share options, including information needed to verify qualifying status or determine tax liabilities.

• An HMRC officer can issue a formal notice requiring a person to provide information reasonably needed to carry out their functions under the EMI code, provided the person has or can reasonably obtain that information
• This power specifically covers information needed to decide whether a share option qualifies under the EMI scheme
• It also covers information needed to determine the income tax or capital gains tax liability of anyone who has been granted a qualifying EMI option
• Any notice issued must specify a deadline for providing the information, and that deadline must be at least three months from the date the notice is given