Approval of share schemes
From 6 April 2014 self certification of approved share option plans will be in place; HMRC will not provide formal approval of schemes from that date.
Where an application is submitted before 6 April 2014 HMRC will review the application and comment on whether the scheme rules meet the relevant legislative requirements. Formal approval will not, however, be available.
If an option award is made in 2014/15, companies must register and self-certify online that their scheme meets the relevant legislative requirements. This applies whether or not that scheme has received formal approval from HMRC. Registration and self certification must be completed by 7 July 2015 in order for tax advantages to apply for the tax year 2014/15.
HMRC will not review application on the schemes received on or after 6 April 2014. However, businesses may be able to apply for a non-statutory clearance service if they remain uncertain about HMRC’s interpretation of recent tax legislation.
Date: 23rd January, 2014
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