From 6 April an employer making a share-based payment – in the form of securities, interests in securities or securities options – to an employee who has left the employment will be required to use the PAYE code 0T, instead of BR, where the payment was not entered on the leaver form P45.
The change will mean that all post-employment earnings are subject to the code 0T (zero T). Tax will be deducted at basic, higher and additional rates depending on the level of PAYE income.
HMRC has invited comments by 16 February on draft amendments to the PAYE regulations.
A series of questions and answers has been provided to help respondents.
From 6 April an employer making a share-based payment – in the form of securities, interests in securities or securities options – to an employee who has left the employment will be required to use the PAYE code 0T, instead of BR, where the payment was not entered on the leaver form P45.
The change will mean that all post-employment earnings are subject to the code 0T (zero T). Tax will be deducted at basic, higher and additional rates depending on the level of PAYE income.
HMRC has invited comments by 16 February on draft amendments to the PAYE regulations.
A series of questions and answers has been provided to help respondents.