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HMRC internal manual

Employee Tax Advantaged Share Scheme User Manual

Schedule 3 SAYE option schemes: Option Notifications: Closure of enquiry

An enquiry is completed when a closure notice is given to the company informing it that the enquiry has been completed and stating whether or not (paragraph 40G(1)):

  • paragraph 40H is to apply (the error is a “serious” error, see );
  • paragraph 40I is to apply (the error is a “less serious” error, see );
  • neither paragraph 40H or 401 apply.

Where paragraph 40H applies (the error is a “serious” error), the closure notice may specify a date upon which tax advantaged status is withdrawn. Where no date is specified, tax advantaged status is withdrawn from the date of the closure notice (paragraph 40H(2)).