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6 July filing deadline for share schemes Form 42

United Kingdom
30/06/2005
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The deadline for reporting on employment related securities for the 2004/2005 tax year is 6 July. A reporting obligation can arise even if there is no formal employee share scheme.

There is an obligation to report the grant of unapproved share options the acquisition of employment related securities and an occurrence that can trigger a post-acquisition income tax charge in relation to employment related securities (such as the conversion of a convertible share or the lifting of a restriction from a restricted share). The definition of a reportable event is wide – there may be a reporting obligation even if an event did not trigger an actual tax charge!

Companies may be affected if they have employees that receive options or shares, if they are a "host" employer of an individual employed by a non-UK employer for PAYE purposes or if they have granted options or transferred or issued employment related shares or securities. The grant of EMI options in excess of £100,000 (which therefore take effect as unapproved options) needs to be reported on Form 42 – the grant of other EMI options should be reported on Form 40. Other types of Revenue approved schemes continue to have their own reporting forms. Form 42 and the accompanying guidance notes are available on HMRC's website.

For further information about Form 42 or other share incentive matters please contact Alison Hughes on +44(0) 207 367 2862 or [email protected] or Toby Locke on +44(0) 207 367 2411 or [email protected].

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