ETASSUM56060 - Enterprise Management Incentives (EMI): Option notifications: Annual returns – Amended returns

Paragraph 57C & 52(7), Schedule 5 of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA)

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.

A company must submit an amended return if it either:

• becomes aware that information was omitted from the return submitted
• becomes aware that the return submitted includes something that should not have been included
• identifies any other error or inaccuracy in the return

Once the company has identified an inaccuracy, it must submit the amended return “without delay”.