Enterprise Management Incentives (EMI): Option notifications: Annual returns – Amended returns
A penalty of up to £5,000 may arise if a return contains a material inaccuracy which is careless or deliberate and is not corrected by an amended return (paragraph 57C(1)(b)).
A company must submit an amended return if:
- It becomes aware that information was omitted from the return submitted;
- It becomes aware that the return submitted includes something that should not have been included; or
- It identifies any other error or inaccuracy in the return (paragraph 52(7)).
Once the company has identified an inaccuracy, it must submit the amended return “without delay”.