ARTICLE · 03 FEBRUARY 2014

Tax Focus - January 2014

Smith & Williamson

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The Office of Tax Simplification has been consulting on improvements to the taxation and reporting for both approved and non-approved share schemes.

United KingdomTax

Unapproved Share Schemes

By Inez Anderson

The Office of Tax Simplification (OTS) has been consulting on improvements to the taxation and reporting for both approved and non-approved share schemes.

The consultation for the former completed in 2012 and led to some welcome changes. The consultation for the latter completed last summer and the review of the comments made has just been published, together with the Government's proposals and draft legislation. In this, the Government has recognised the complexities of the current situation and has sought to address some of these.

Comments are invited on these new proposals by 4 February 2014.

We highlight three of the proposals that, subject to the further consultation, will be included in Finance Bill 2014.

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