The first Employment-Related Shares & Securities Bulletin providing information and updates on developments relating to employment-related securities, including the tax-advantaged employee share schemes has now been published by HMRC.

The first Bulletin contains features on the following:-

• Notification requirements of trustees of a Share Incentive Plan (SIP);
• SIP – cessation of “association” of companies on a demerger;
• SIP – meaning of “the same provision” in pre-emption conditions;
• Changes to share schemes approvals process; and
• Budget 2012 and Consultations

Members are reminded that now is also the time to start considering the need to complete Form 42 ‘Employment Related Securities’ for the tax year ended 5 April 2012.

This must be completed and submitted by an employer who operates a non-tax advantaged Share Scheme. The deadline for doing so is 6 July 2012. Form 42 provides HMRC with information in relation to reportable events such as the granting or exercising of options (including consideration received for giving up the option), the acquisition of securities in connection with securities options and the assignment and release of securities options.

The Bulletin is available at http://www.hmrc.gov.uk/shareschemes/erss-bulletin.htm Information on Form 42 is available at http://www.hmrc.gov.uk/manuals/ersmmanual/ERSM140000.htm