Part 5 Other Employee Share Schemes
Finance Act 2014 (2014 c 26) | Legislation

Part 5 Other Employee Share Schemes

Amendments to Chapter 1 of Part 7 of ITEPA 2003

226

Chapter 1 of Part 7 of ITEPA 2003 (employment income: income and exemptions relating to securities: general) is amended as follows.

227

(1)     Section 421J (duty to provide information) is amended as follows.

(2)     Omit subsections (3), (7), (8), (11) and (12).

(3)     In subsection (10) for “by, or by a notice under,†substitute “by a notice underâ€.

228

After section 421J insert—

“421JA Annual returns

(1)     This section applies in relation to a person who is (or has been) a responsible person (see section 421L) in relation to reportable events (see section 421K).

(2)     The person must give to Her Majesty's Revenue and Customs (“HMRCâ€) a return for each tax year falling (wholly or partly) in the person's reportable event period.

(3)     The person's “reportable event period†is the period—

(a)     beginning when the first reportable event occurs in relation to which the person is a responsible person, and

(b)     ending when the person will no longer be a responsible person in relation to reportable events.

(4)     The return for a tax year must—

(a)     contain,

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