The following Share Incentives practice note Produced in partnership with Jeremy Edwards of Baker McKenzie provides comprehensive and up to date legal information covering:
From 6 April 2014, obligations were imposed on companies to:
register their share schemes online with HMRC, by specified deadlines
self-certify their tax-advantaged share schemes as part of the online registration process, in light of the removal of the HMRC approval regime for these schemes from 6 April 2014, and
submit their annual HMRC share scheme returns (due by 6 July each year) online
Online registration is required before companies can submit their online annual returns, and, in respect of tax-advantaged share schemes, in order to retain tax advantages.
The online returns replaced hard copy returns that were required previously.
For further details on the legislative provisions relating to each type of share plan, see Practice Notes:
EMI—HMRC annual return
CSOP—self certification, registration and filing requirements
SAYEs—self-certification, registration and filing requirements
SIPs—self-certification, registration and filing requirements
Employment-related securities—reporting obligations, and
The self-certification regime
Set out below are some Frequently Asked Questions which have been raised with HMRC in relation to the registration and online annual return filing processes.
What share plans do I need to register?
All tax-advantaged and non-tax advantaged plans under which UK participants receive shares or share-based awards.
Non-tax advantaged plans are registered under 'Other'. Tax-advantaged plans are registered separately according to the type of plan—namely a company share option plan (CSOP), save as you earn (SAYE) plan, SIP or enterprise
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