ARTICLE · 10 JULY 2012

Revenue's Response To OTS Recommendations For Simplifying Approved Share Plans

CMS Cameron McKenna Nabarro Olswang

Explore more from CMS Cameron McKenna Nabarro Olswang

HMRC has published a consultation paper containing the Government’s initial response to the OTS report on simplifying tax-advantaged employee share schemes.

United KingdomTax

Nicholas Stretch

Isabel Pooley

Tair Hussain

HM Revenue & Customs ("HMRC") has published a consultation paper containing the Government's initial response to the Office of Tax Simplification's ("OTS") report on simplifying tax-advantaged employee share schemes. The Government is giving further consideration to the majority of the OTS's recommendations, including the proposal to replace the current approvals process with self-certification. However, there are several recommendations that have not been accepted, most notably the recommendation to reduce the tax free holding period for SIP shares from five years to three years.

HMRC has also published a consultation on proposals to extend the use of EMI options to academic employees.

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