Further to its announcement in April this year, on Tuesday 18 July 2023, the Government launched its consultation, seeking views, mainly from individuals, trustees and tax practitioners on proposals for reforms on targeted taxation aspects of Employee Ownership Trusts (EOTs) and Employee Benefit Trusts (EBTs). Further details can be found here. By way of an…

July 26, 2023 Read more >

An annual return needs to be submitted by all companies which have an active employee share plan registered with HMRC. This includes tax-advantaged share plans such as EMI, CSOP, SAYE and SIP as well as any non-tax advantaged plans or arrangements such as unapproved options, conditional share awards (or restricted stock units), growth share plans…

April 19, 2023 Read more >

On 19th January 2023, HMRC published the Employment Related Securities Bulletin 47. The main contents of the Bulletin are: Changes to the ERS year-end return template Changes to the CSOP limit and share class restrictions Update of the ERS guidance Changes to the ERS year-end return template HMRC has announced that they will be making…

February 24, 2023 Read more >

HMRC has recently updated their guidance in the HMRC manuals at ETASSUM54300 on their views about what would and would not constitute acceptable exercise of discretion in the context of EMI Options. Background Paragraph 37 of Schedule 5 of the Income Tax (Earnings and Pensions) Act 2003 provides that the terms of any EMI Option…

November 22, 2022 Read more >

On 16th June 2022, HMRC published the Employment Related Securities Bulletin 43 (Bulletin). The main content of the Bulletin relates to the bonus rate mechanism for Save As You Earn (SAYE) Scheme. In the Bulletin HMRC acknowledged that the current mechanism for calculating the bonus and interest rates (which incidentally has remained at 0% since…

June 29, 2022 Read more >

By now, the headline details of the Health and Social Care Levy (“HSCL”) should be familiar. A levy of 1.25% will be introduced from April next year with a view that it will be ring fenced for “Social Care” in particular. In order to give HMRC sufficient time to get their IT infrastructure in place,…

October 6, 2021 Read more >

The Chancellor’s Budget speech on March 3rd was preceded by months of speculation, driven by a report published by the Office of Tax Simplification back in November last year, that the rate of capital gains tax (CGT) in the UK might well be increased to come into line with income tax, i.e., 45% for additional…

March 29, 2021 Read more >

As part of its long-term strategy around taxation, the administration of tax and wider tax policies, HM Treasury have split out the aspects of the recent Budget that related specifically to these areas.  As a result, Tuesday 23rd March saw the publication of a raft of tax policies and consultations. The impact of this work…

March 27, 2021 Read more >

Revised IR35 rules to apply from 6 April 2021 Revised IR35 (off-payroll working) rules come into force in the UK from 6 April 2021 to align the rules applicable to contractors in both the public and private sectors. Background to the IR35 rules Introduced in 2000, the IR35 rules are designed to reduce tax avoidance…

September 28, 2020 Read more >