Annual returns for all companies operating HMRC approved and unapproved share schemes operated during the tax year to April 5, 2012 are due by July 7, 2012 (or, if earlier, within three months of the date of issue of the form). Form 42 is due by July 6, 2012 for those companies having “reportable events” in relation to any other type of share arrangement during the same period.
Each type of approved scheme has its own return, which must be filed in paper form:
o Form 34 (ShareSave or SAYE)
o Form 35 (Company share option plan or CSOP)
o Form 39 (Share Incentive Plan or SIP)
o Form 40 (Enterprise Management Incentives or EMI).
As you may have gathered from recent communications, HMRC is keenly interested in employee incentive plans. Companies operating incentive plans via an employee benefit trust (EBT) must pay particular attention to disguised remuneration rules in effect since April 2011, as income tax and NIC charges may be triggered when cash or shares are provided through third parties such as employee trusts.
Contact Katie Davies with questions.
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