Employment-Related Shares & Securities Bulletin
The eighth Employment-Related Shares & Securities Bulletin providing information and updates on developments relating to employment-related securities, including the tax-advantaged employee share schemes has been published by HMRC.
This bulletin contains an article on self-certification of employee share schemes and online filing of share scheme forms. Readers are also reminded that Form 42 for 2012–13 is required to be filed with HMRC by 6 July 2013.
By way of reminder, Form 42 asks for details of reportable events in relation to securities and options that are obtained by reason of employment. The information is to be provided by one of four responsible persons and in most cases, the employer, as one of the responsible persons, will usually make the report and complete the declaration.
Following the introduction of e-filing of forms 42, companies are no longer sent a paper copy. Instead they receive a “Notice to File a Form 42” and companies must then file the information required electronically or send a completed paper copy of before the deadline. However, companies are required to notify HMRC of any reportable events arising in a tax year without a notice being issued to do so. Form 42 and guidance to complete same is available on the HMRC website.