Income Tax (Earnings and Pensions) Act 2003 section 81K

Appeals

Section 81K sets out the rights of a company to appeal against various HMRC decisions relating to a Schedule 2 Share Incentive Plan (SIP), including decisions on penalties, notification deadlines, closure notices, default notices, and the withdrawal of corporation tax deductions.

• A company may appeal against HMRC decisions on penalties, late notification, closure notices, default notices, and the withdrawal of corporation tax deductions connected to a Schedule 2 SIP
• Notice of appeal must be given to HMRC within 30 days of the date the relevant decision notice is given to the company
• On appeal, the tribunal may affirm or cancel the decision and, in certain cases, may substitute a different decision or a different penalty amount
• The general appeal provisions under Part 5 of the Taxes Management Act 1970 apply to these appeals in the same way as they apply to appeals against corporation tax or income tax assessments