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Updated HMRC guidance on end of year return templates HMRC has announced in Employment Related Securities Bulletin 47 that it will be introducing some changes to Employment Related Securities (ERS) annual filings templates from 6 April 2023. Under the new ERS templates, completion of the following optional fields will become mandatory for returns submitted on … Read more
Following on from the reversal of much of the mini-budget on 17 October, in today’s Autumn Statement the Chancellor announced a number of measures which are relevant to remuneration and incentives. In particular there will be a reduction to the threshold at which the 45% additional rate of income tax applies, the freezing of other … Read more
As highlighted in ERS Bulletin 46, HMRC has published updated guidance in the Employee Tax Advantaged User Manual on enterprise management incentives (EMI) options which should clarify how EMI option plans should be drafted and operated. ERS Bulletin 46 also refers to the updated guidance published by HMRC in July 2022 on section 431 elections. … Read more
The new Chancellor, Jeremy Hunt, today announced a number of revisions to proposals put forward in the mini-budget of 23 September 2022. The key changes relevant to remuneration and incentives are: the income tax basic rate will remain at 20% until economic conditions allow for it to be cut; as already announced, the 45% income … Read more
In the mini budget today, the Chancellor announced a number of changes which will affect remuneration and incentives. These include: Changes to income tax and NICs rates From April 2023, the income tax basic rate will reduce to 19% and the 45% additional rate will be abolished. The reversal of the 1.25% increase to the … Read more
HMRC published updated guidance in the Employment Related Securities Manual regarding restricted securities elections on 19 July 2022. The changes to ERSM30450 and ERSM30460 include: elections can be made in a format other than HMRC’s standard forms. The can be included as part of another document such as a share subscription agreement and can be … Read more
As announced by the government in September 2021, the rates of employee’s and employer’s Class 1 National Insurance contributions increase by 1.25% for the 2022/23 tax year. This is intended to be a temporary increase with the increased rates being replaced by the Health and Social Care Levy from 6 April 2023. For further information … Read more
HMRC has published amendments to its Shares and Assets Valuation Manual as part of which it has extended the period for which an agreed valuation of unquoted shares will remain valid for the purposes of grants under a tax-advantaged share plan from 90 to 120 days. This 120-day period is relevant only to valuations in … Read more
The Prime Minister on 7 September 2021 announced plans to substantially increase funding for health and social care over the next three years, to be funded by a new tax: the Health and Social Care Levy and on 8 September 2021, the Health and Social Care Levy Bill 2021-22 was introduced. Temporary increase to NICs rates … Read more
