Following consultation on whether there is still a need for formal NIC elections to transfer from employer to employee the secondary Class 1 liability arising on gains from unapproved employment-related securities options, the government has concluded that the facility will be retained. Despite the administrative costs, the government has accepted that NIC elections provide a protection that is not provided under NIC agreements. The government confirmed at the outset that NIC agreements, which do not require HMRC approval, would continue. See here.
Following consultation on whether there is still a need for formal NIC elections to transfer from employer to employee the secondary Class 1 liability arising on gains from unapproved employment-related securities options, the government has concluded that the facility will be retained. Despite the administrative costs, the government has accepted that NIC elections provide a protection that is not provided under NIC agreements. The government confirmed at the outset that NIC agreements, which do not require HMRC approval, would continue. See here.
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