The Tax Committee is once again planning to engage with HMRC this autumn to discuss matters of mutual interest. The Committee is keen to receive input from members because there is no fixed agenda.

Without wishing to stop other potential topics of discussion being raised, the committee would be particularly keen to hear from members on the following:

Ideally the committee would like specific questions or points to raise with HMRC, but any examples of issues which have arisen in practice would be welcomed.

Please could questions or points reach Graham Muir at graham.muir@cms-cmno.com by 12 October 2018?

Additionally, the Committee would like to alert members to a point which concerns the exercise of Sharesave options after a takeover when relevant shares are no longer in an independent company (which may often be the case). HMRC have said that they would no longer exercise their discretion to allow tax-favoured exercise to take place in the six months following the takeover, but tax-favoured exercise is instead restricted to the 20 days after takeover. SPL plans to discuss this with HMRC in more detail shortly as this is contrary to assurances given previously.

Kind regards

Nicholas Stretch/Graham Muir

The Tax Committee

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