SCHEDULES

SCHEDULE 5Enterprise management incentives

Part 7Notification of option to inland revenue

Effect of enquiry

49

1

If F2an officer of Revenue and CustomsF1does not give a notice of enquiry, the requirements of this Schedule are taken to be met in relation to the option.

2

If F2an officer of Revenue and CustomsF1does give a notice of enquiry, F3the officer's decision stated in the closure notice is conclusive as to whether the requirements of this Schedule are met in relation to the option.

3

But this is subject—

a

if F3the officer's decision is that the requirements are not met, to the outcome of any appeal against that decision under paragraph 50;

b

if their decision is that the requirements are met, to the outcome of any subsequent enquiry under paragraph 46(6) (enquiry arising from discovery of false or misleading information).

4

This paragraph does not affect the provisions of sections 532 to 539 (which relate to disqualifying events).