Tag Archives: HMRC

Filing deadline for UK share plans is fast approaching!

Just a quick reminder that the deadline for making annual returns for UK share schemes relating to the 2015/2016 tax year is 6 July 2016.  For tax-advantaged share schemes: share incentive plans (otherwise known as SIPs); company share option plans (CSOPs); savings-related share option schemes (SAYE/Sharesave); and Enterprise Management Incentives (EMI), if a new scheme … Continue Reading

The best laid plans …. Problems with registering share schemes with HMRC online

Following on from our earlier blog post predicting that companies might have issues when using the new online service for registering employee share plans with HMRC, it appears that problems are indeed emerging. Despite the looming deadline of 6 July, we hear anecdotal reports that so far only about 25% of plans have been registered.  In … Continue Reading

Happy new (UK tax) year! – action required for all share incentive plans

In several posts last year, we charted the development of the new HMRC rules for the online registering, self-certifying and making of annual returns for share plans, and indeed all arrangements under which employees receive shares. Now the dust has settled, the teething troubles have been ironed out and the templates for the new “end-of-year” returns … Continue Reading

VAT and UK pensions schemes – the saga continues

HMRC has now issued further guidance on the implications of the CJEU rulings in ATP and PPG, two cases that dealt with the VAT treatment of costs incurred by pension funds. Clarification of HMRC’s approach has been eagerly awaited, following consultation with a range of industry bodies. So where do things stand now? Defined contribution … Continue Reading

Get set, go! Online forms for registering and reporting UK share plans

HMRC has recently released template forms and guidance notes for making online annual returns for employee share plans, plus a form for notifying the grant of Enterprise Management Incentive options online (the former paper form EMI1).  There are dire warnings that the templates must not be tinkered with in any way, otherwise they will be … Continue Reading

Clawback and HMRC v Martin – where are we now?

As the dust settles on the eagerly awaited HMRC v Martin decision (see our previous blog post), thoughts are inevitably turning to how that decision impacts on an employer’s approach to clawback payments, particularly in the world of variable remuneration. Whilst the judge in the Martin decision was clear that his conclusion turned on the … Continue Reading

Relief for tax on clawback payments – the next instalment of HMRC v Martin

The pressure for companies and firms to claw back earnings paid to executives under various incentive plans has been steadily growing over the last couple of years. There was the clarification in the ABI guidelines on directors’ remuneration on which we reported last November, to PIRC’s two penn’orth on the topic in March, the Bank … Continue Reading

What value EMI options?

The best advice to an unquoted company granting EMI options has always been to agree the value of a share with HMRC shortly before grant.  This gives certainty: the company will know that it isn’t breaching the £3 million limit on the value of EMI options it can grant; the option holder can be comfortable knowing that all … Continue Reading

Don’t trust to luck: EBT settlement facility to be withdrawn

HMRC has announced that the settlement facility for employee benefit trusts (EBTs) will be withdrawn from 31 March 2015.  The facility was offered from April 2011 for employers who set up EBTs that HMRC considers are caught by the “disguised remuneration” legislation introduced in the 2011 Finance Act.  This was aimed at the use of EBTs … Continue Reading

DIY and get it right! The further perils of registering share plans with HMRC

As trailed in our previous post, HMRC has just published the FAQs about its new online service for share plans. It’s clear that it’s very much do-it-yourself.  If you want confirmation that your registration of a share plan or notification of an EMI option grant was successful, make sure you print and save a copy of … Continue Reading

Teething problems with HMRC’s online share scheme service: what to do if you have been affected

The latest issue of HMRC’s Employment-Related Securities Bulletin acknowledges the problems that some companies have been having with online notification and reporting, as mentioned in our earlier post. The bulletin sets out what companies should do about two particular issues:  not being able to file notifications of grants of EMI options online by the 92-day … Continue Reading
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