SCHEDULES

SCHEDULE 5Enterprise management incentives

Part 7Notification of option to inland revenue

Completion of enquiry: closure notices

47

1

An enquiry under paragraph 46(2) is completed when F3an officer of Revenue and CustomsF1gives the employer company a notice—

a

informing the company that F8the officerF1has completed F7the enquiry, and

b

stating F9the officer's decision as to whether the requirements of this Schedule are met in relation to the option.

2

If F3an officer of Revenue and CustomsF5concludes that the requirements of this Schedule are not so met, F8the officer must also give notice of that decision to the person to whom the option has been granted.

3

An enquiry under paragraph 46(3) is completed when F3an officer of Revenue and CustomsF6gives the individual concerned and the employer company a notice—

a

informing the recipients that F8the officerF6has completed F2the enquiry, and

b

stating F4the officer's decision as to whether the requirement of paragraph 26 (commitment of working time) is met by that individual in relation to the option.

4

References in the EMI code to a “closure notice” are to a notice under sub-paragraph (1) or (3).

5

A closure notice takes effect when it is issued.