Jurisdiction(s):
United Kingdom

UK share incentives: Spring Statement 2025 PISCES tax treatment, HMRC ERS Bulletin 59, executive pay changes, and FRC reporting threshold updates

Published on: 27 March 2025

Published by a LexisNexis Share Incentives expert

Legal News

Article summary

In this issue:

Budgets, Statements and Finance Bills
Tax treatment
Corporate governance
Regulatory matters
Dates for your diary
Weekly highlights from other practice areas

Budgets, Statements and Finance Bills

Spring Statement 2025

On 26 March 2025, the Chancellor, Rachel Reeves, presented the government’s Spring Statement. From a Share Incentives standpoint, the standout news was a policy paper detailing HMRC’s approach to the treatment of companies and employees trading shares on the Private Intermittent Securities and Capital Exchange System (PISCES). The Treasury plans to lay a statutory instrument before Parliament in May 2025 to establish the legal framework for the PISCES Sandbox. Once that legislation has been laid, the Financial Conduct Authority will release its rules, and the PISCES Sandbox will come into being. Key points in the policy paper (available here) include:

where, at the point an employee acquires shares, arrangements are in place for those shares to be traded on a PISCES platform, they will be treated as readily convertible assets (RCAs), meaning the employer must operate PAYE on any income tax due, and NICs (and potentially the apprenticeship levy) will also be payable...

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