There is a duty to provide information on events relevant to the proposed new measure, such as the transfer of the IP, on Form 42. This form is a statutory annual return relating to employment-related securities which must be submitted by 6 July following the end of the tax year (5 April) to which it relates. There is provision on the form to indicate where market value was affected by a spin-out, as under ITEPA03/S459 (4) reportable events now include receipt of a benefit that would give rise to a taxable amount but for Chapter 4A. Either or both of the RI and the spin-out may be responsible for completing Form 42, although in practice only one of them would need to do so. See ERSM140000 for more guidance on completing Form 42.
Forms 42 that indicate the relief has been claimed will be examined by the Employee Shares & Securities Unit ( ERSM10040) who will also liase with the tax office dealing with the spin-out company's affairs.
