(CSOP) reporting requirements for CSOP

Once a Scheme is approved the company must complete annual returns.

A notice to file a Return is issued each year to the company. It is a requirement that this Return is completed and returned to HMRC within 3 months of the date of issue of the notice.

The return asks for particulars of the grants of options to acquire shares and employee details of share allotments and transfers of shares on the exercise of options.

Penalties may be chargeable under Section 98 Taxes Management Act 1970 for failure to give the information required by this form within the 3 months allowed.

The approval status of the Scheme may also be withdrawn if the company fails to provide the information requested in the Return

We may also ask for further information about the operation of the scheme.