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United Kingdom

UK share incentives: NICs rate cuts from 6 April 2024, EMI notification error remedies, HMRC transfer pricing risk guidance, tax advice regulation consultation, plus cross-practice highlights

Published on: 21 March 2024

Published by a LexisNexis Share Incentives expert
Legal News
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Article summary

In this issue:

  • Tax treatment
  • Q&As
  • Useful Information
  • Weekly highlights from other practice areas

Tax treatment

National Insurance Contributions (Reduction in Rates) (No 2) Bill 2024

On 20 March 2024, the National Insurance Contributions (Reduction in Rates) (No 2) Bill 2024 received Royal Assent after passing through the Commons and the Lords without amendment. It has therefore become the National Insurance Contributions (Reduction in Rates) Act 2024. The Act lowers the main Class 1 primary national insurance rate to 8% and the main Class 4 rate to 6%, both applying from 6 April 2024 (see: Share Incentives weekly highlights—14 March 2024—Tax treatment). For information on other NICs rates relevant to employee share schemes, see Practice Note: Tax and other rates which are relevant to share incentives—National Insurance contributions (NICs). See National Insurance Contributions (Reduction in Rates) Act 2024. 20 March 2024

Q&As

New Q&A

Where a company has mistakenly registered Enterprise Management Incentives options with HMRC, showing fewer shares than the option covered, and the statutory notification deadline has been missed, what alternatives are available to the company?...

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