Section 40F — Finance Act 2014: Enquiries

Enquiries 40F 1 This paragraph applies if notice is given in relation to an SAYE option scheme under paragraph 40A.

2 HMRC may enquire into the scheme if HMRC give notice to the scheme organiser of HMRC's intention to do so no later than—

a 6 July in the tax year following the tax year in which the initial notification deadline falls, or b if the notice under paragraph 40A is given after the initial notification deadline, 6 July in the second tax year following the relevant tax year.

3 HMRC may enquire into the scheme if HMRC give notice to the scheme organiser of HMRC's intention to do so no later than 12 months after the date on which a declaration within paragraph 40B(7) is given to HMRC.

4 Sub-paragraph (5) applies if (at any time) HMRC have reasonable grounds for believing that requirements of Parts 2 to 7 of this Schedule—

a are not met in relation to the scheme, or b have not been met in relation to the scheme.

5 HMRC may enquire into the scheme if HMRC give notice to the scheme organiser of HMRC's intention to do so.

6 Notice may be given, and an enquiry may be conducted, under sub-paragraph (2), (3) or (5) even though the termination condition is met in relation to the scheme.