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HMRC issues employment-related securities reminders

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HMRC’s Employment Related Securities Bulletin 55 for May covers the following key items:

  • Late ERS scheme registrations: a reminder that employers must register for a new employer-related security (ERS) scheme and submit an ERS return on or before 6 July following the end of the tax year in which the first award or option was granted, or a reportable event occurred. Where the deadline is missed, HMRC expect employers to set out their reasoning for the late registration in order to avoid late-filing penalties.
  • End of year deadline: a reminder that for 2023/24 employers must submit end of year ERS returns on or before 6 July 2024 (the guidance also includes a note about penalties for late returns).
  • Subsidy Control Act: the Subsidy Control Act 2022 provides a new framework for the provision of subsidies within the UK. The enterprise management incentives (EMI) scheme is registered on the UK subsidy database, and HMRC must report specific data for companies receiving subsidies worth over £100,000, with the first reports due by 6 July 2024 for 2022/23.
  • Save As You Earn (SAYE) income tax liability paid through payroll: where tax arises on the exercise of an SAYE share option on the change of control of the employing company, HMRC authorisation to allow the employer to collect the income tax via the payroll is no longer required. ETASSUM38140 has been revised accordingly.
  • EMI working time requirement: reminder that time spent on unpaid carer’s leave is treated as working time for the purposes of the EMI qualifying conditions.
Issue: 1664
Categories: News