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HMRC internal manual

Employment Related Securities Manual

University Spin-outs

Spin-outs created before 2 December 2004: elections and self assessment returns

Even if an amount has been paid in respect of an Income Tax liability arising at the date that a spin-out was set up, an election for the treatment allowed by FA05/S21 may still be made. An amended SA return may need to be filed to obtain a refund.

If the amount has not been paid, on the basis that the tax liability was not then identified, HMRC will not take enforcement action where an election was signed by 15th October 2005, even though this will inevitably be dated after 31 January 2005.