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PAYE and display


Parkers operates car parks and is an unquoted company owned by another unquoted company. Parkers has undertaken share transactions with a number of its employees: Mr White has been given a number of Parkers shares for free; Miss Scarlet has recently retired and the parent company bought her shares for more than they are worth; and Mrs Grey has converted a warrant into ordinary shares in the parent company. The directors are keen to know whether the company has to operate PAYE and collect NICs.


Each of the three transactions will result in the individual employees being treated as if they had received an amount of taxable employment income. However the application of PAYE and NICs may differ in each case depending on the status of Parkers and its...

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