HMRC has updated its mechanism for calculating the bonus rates for save as you earn (SAYE) scheme contracts. The revised mechanism will apply from 18 August 2023 and is expected to result in a bonus being provided for new contracts entered into from that date onwards (and for the first time since 2014). HMRC intends to update its Bank of England bank rates for save as you earn (SAYE) share option schemes page, setting out the bonus rates, from 18 August. Under the version of the mechanism published on 26 May 2023, where bank base rate is 4.5%, the SAYE bonus rates for three and five-year contracts would be 0.8 and 2.3 monthly contributions respectively. HMRC’s Employment Related Securities Bulletin 51(May 2023) summarises the changes.
HMRC has updated its mechanism for calculating the bonus rates for save as you earn (SAYE) scheme contracts. The revised mechanism will apply from 18 August 2023 and is expected to result in a bonus being provided for new contracts entered into from that date onwards (and for the first time since 2014). HMRC intends to update its Bank of England bank rates for save as you earn (SAYE) share option schemes page, setting out the bonus rates, from 18 August. Under the version of the mechanism published on 26 May 2023, where bank base rate is 4.5%, the SAYE bonus rates for three and five-year contracts would be 0.8 and 2.3 monthly contributions respectively. HMRC’s Employment Related Securities Bulletin 51(May 2023) summarises the changes.
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