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HMRC guidance

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Latest HMRC guidance includes:

  • Employment-related securities Bulletin 21, detailing the taxation of restricted stock units (RSUs) and other securities options. HMRC states where employment-related securities options, including many examples of RSUs, do not have ‘money’s worth’ at the time of the award, the receipt of the shares is likely to give rise to earnings charges as money’s worth at that time;
  • revised Notice 1001 on the VAT refund scheme for certain charities, with more information on: the ‘main purpose’ test; fundraising activities; and registration for exempt charities. The VAT refund scheme was introduced from 1 April 2015 for palliative care charities, air ambulance charities, search and rescue charities and medical courier charities;
  • updated guidance notes for charities with minor changes concerning action where a donor has paid insufficient tax to cover gift aid claims; and
  • updates to HMRC’s Compliance Operational Guidance Manual to include a new page on the use of electronic or digital notebooks to record compliance checks.