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The HMRC Deadline For Employee Share Plans is 6 July 2015 – Are You Registered?

Date: 30/06/2015 | Corporate, Employment & HR

New reporting requirements for businesses operating employee share plans mean that any business operating HMRC approved tax-advantaged share plans will have to register online with the HMRC PAYE Portal by 6 July 2015 in order to continue to receive those tax benefits and avoid penalties for missing the deadline.

Those businesses who do not register their schemes in time will be liable to forfeit the tax benefits of the particular scheme.  Each scheme needs to be registered separately and include the following:

  • Enterprise Management Incentives (EMI);
  • Share Incentive Plans (SIP); &
  • Company Share Option Plans (CSOP).

The new reporting requirements also apply to non tax-advantaged share plans which can either be registered separately or under a single registration.

This requirement may well have been reported to you by your accountant, who should also be able to advise you as to how to complete the registration formalities. If they have not notified you, we would urge you to get in touch with them immediately to ensure matters are being dealt with.

If you are unsure as to whether the share plan you operate is affected please do not hesitate to contact the Davidson Chalmers Corporate Team.  

The matter in this publication is based on our current understanding of the law.  The information provides only an overview of the law in force at the date hereof and has been produced for general information purposes only. Professional advice should always be sought before taking any action in reliance of the information. Accordingly, Davidson Chalmers LLP does not take any responsibility for losses incurred by any person through acting or failing to act on the basis of anything contained in this publication.

Written by

Stuart Duncan | Davidson Chalmers Stewart
Stuart Duncan

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