Enterprise Management Incentives (EMI): Option notifications: Notice of enquiry
An enquiry may be opened into an option, for example to deal with questions regarding the notification, or to check that the company is a qualifying company. In this case a notice of enquiry must be sent to the employer company.
HMRC can also enquire into whether the employee who has been granted the option meets the working time commitment. The employee must be given notice of the enquiry and a copy of the notice must be given to the employer company.
HMRC may send a notice of enquiry at any time within 12 months beginning with the end of the 92 day period within which the employer is required to notify the grant of the option.
If it is discovered that information provided in or in connection with the notification of the grant of the option was false or misleading, a notice of enquiry can be issued at any time.
An option that has been subject to one notice of enquiry may not be subject to another notice unless that further notice is issued because it is discovered that the notification of the grant of the option contained false or misleading information (Paragraph 46).
If no enquiry is opened, the option is taken to meet the requirements of Schedule 5.