Share Schemes
Updated Form 34 (2014) SAYE option scheme, Form 35 (2014) Company Share Option Plan, Form 39 (2014) Share Incentive Plan, and EMI 40 (2014) Enterprise Management Incentives and Form 42 (2014) have now been published by HMRC. In addition, HMRC is changing the way both new and existing employee share schemes and arrangements are administered.
The changes affect:
- Enterprise Management Incentives
- Company Share Option Plans
- Save As You Earn option schemes
- Share Incentive Plans
- Any non-tax advantaged arrangements
If an employer is operating this type of scheme or arrangement, guidance is provided on what action to take. From 6 April 2014 it is necessary to register all existing and new employee share schemes and arrangements online. The employer will also be required to self-certify that any tax advantaged schemes meet certain requirements. HMRC will no longer approve any new tax advantaged schemes. Failure to self-certify could mean that any tax advantages of the scheme may be lost.
From April 2015 all relevant information must be filed online with automatic penalties for late filing. HMRC will no longer send a notice to file or reminder. Failure to register schemes and arrangements by 6 July 2015 means schemes previously approved will lose their tax advantages.