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NIC elections retained for unapproved employee share schemes

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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.

Issue: 1328
Categories: News