Jurisdiction(s):
United Kingdom

UK share incentives: HMRC factsheet updates on tax-advantaged scheme penalties; UT orders HMRC to reconsider PAYE discretion (UBS); EMI options for non-UK employees—week ending 29 August 2024

Published on: 29 August 2024

Published by a LexisNexis Share Incentives expert

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In this issue:

Tax treatment Q&As
Weekly highlights from other practice areas

Tax treatment

Minor updates to HMRC factsheets on employee tax-advantaged share scheme penalties

HMRC has made modest revisions to its factsheets on penalties that can arise where a scheme does not satisfy the conditions for tax-advantaged status, and where an annual share schemes return for a tax-advantaged scheme filed with HMRC includes a material inaccuracy. The updated materials now also provide extra detail on support available during compliance checks, rights relating to penalties, and the subsequent steps if there is disagreement with an HMRC decision. For further detail on these penalties and the procedures for each type of tax-advantaged employee share scheme, see Practice Notes: Self-certification, registration and filing requirements for SIPs and SAYE schemes; HMRC annual return filing requirements for SIPs and SAYE schemes; CSOP—self certification, registration and filing requirements; and EMI—HMRC annual return...

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