Income Tax (Earnings and Pensions) Act 2003 section 93

Power to require information

Section 93 gives HMRC the power to require any person to provide information needed in connection with the operation and administration of a Share Incentive Plan (SIP).

• HMRC officers can issue a formal notice requiring a person to provide any information they hold or can reasonably obtain, provided it is reasonably needed for HMRC's functions under the SIP code.
• The power covers information needed to verify SIP notices and returns, as well as information to determine the tax liability (including capital gains tax) of plan participants or any other person whose tax position is affected by the plan.
• HMRC can also request information about the administration of a plan and any proposed changes to its terms.
• The notice must set a deadline for providing the information, and that deadline must be no earlier than 3 months after the date the notice is issued.