Minutes of a meeting with the Inland Revenue on 22 May 1996

Minutes of a meeting with the Inland Revenue on 22 May 1996. Considers the following:

  • whether a person can apply for more than one sharesave contract as a result of one offering (eg one three-year and one five-year contract);
  • whether scaling down under a Sharesave Scheme can be done on the basis that seven-year contracts are treated as five-year contracts;
  • the treatment of CSOP options granted before Inland Revenue approval;
  • the validity of rules which treat options granted in excess of the £30,000 as unapproved options;
  • application of PAYE on exercise of options to former employees;
  • use of five or seven day averages for determining the exercise price of an unapproved option;
  • valuation, for tax purposes, of shares of unquoted companies;
  • pre-emption provisions and approved schemes;
  • inheritance tax and QUESTs.
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Keywords: CSOP, EBT, HMRC compliant plans, Income tax, Inheritance tax, PAYE, Pre-emption rights, Profit Sharing Scheme, Restricted securities, Share valuation
Categories: Document archive, HMRC meetings