Online reporting for share schemes

Produced by Tolley in association with

Employment Tax

Guidance

As part of its monitoring process, HMRC requires employers that operate share schemes to make returns on an annual basis.

Since tax year 2014/15, online reporting is used and no paper forms are used for reporting currently.

FA 2014, Sch 8 inserted into ITEPA 2003 provisions for automatic penalties in relation to late filing of all annual returns for employment-related securities (whether under a tax-advantaged scheme or not).

FA 2014, Sch 8 also included provisions allowing HMRC to charge penalties of up to £5,000 for material inaccuracies in returns where these are either careless or deliberate, or otherwise not corrected as quickly as possible after they come to light.

Commencing online reporting

The Employment

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Stephen Diosi

Head of Employee Incentives, Mishcon de Reya LLP , Employment Tax

Stephen leads the Employee Incentives team at Mishcon de Reya. He has significant experience advising on the strategy, design, implementation and compliance of UK and global employee incentive arrangements, including long term incentive plans, all-employee share plans, HM Revenue and Customs tax-advantaged plans, management incentive plans and growth share and joint ownership plans. Stephen also advises on all related corporate, tax and trusts aspects, corporate governance issues, disclosure of directors' remuneration and share dealing regulations.In addition, Stephen works with companies on the impact that corporate actions have on their incentive arrangements and has acted on many public takeovers, mergers and acquisition, public to private transactions, initial public offerings, capital raising activities and private equity deals.Stephen also advises on contractual disputes and tax investigations relevant to incentives arrangements.Stephen works with a wide range of businesses across several industry sectors, including financial services, natural resources, entertainment, aerospace and transport and for companies that are listed on the London Stock Exchange, AIM and overseas exchanges, together with private equity houses, private companies and owner-managed businesses.

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