Minutes of a mini meeting with the Inland Revenue on 21 January 2004

Minutes of a mini meeting with the Inland Revenue on 21 January 2004 regarding:

  • Share Scheme returns;
  • CSOP – blue pencil rules;
  • CSOP – Retirement Age;
  • PAYE and NIC withholding provisions – Inland Revenue draft rule;
  • Ancillary documents for approved schemes -Inland Revenue approval requirements;
  • Share Incentive Plans – exclusion of bonuses from salary for SIP purposes;
  • Interaction of Inland Revenue publishaed sources;
  • SAYE option schemes – individual participation limits;
  • National Insurance Contributions – guidance on option rollovers (deferred to the April 2004 mini meeting); and
  • Time of acquisition of shares.

A number of points were flagged as issues the Share Plans Lawyers wishes to keep on the agenda generally for dialogue with the Inland Revenue. These issues are: (1) Schedule 22 and in particular the questions raised at the technical meeting of 2 December 2003 which the Inland Revenue declined to answer at that time; (2) the effect of irrevocable undertakings given by directors in takeover situations on the approved status of options; and (3) liability for PAYE/NICs on a TUPE tranfer of a business or sale of a subsidiary.

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Keywords: Age discrimination, Cash bonus, Corporation tax, Corporation tax deduction, CSOP, EMI, HMRC compliant plans, NICs, PAYE, Retirement, Rights issue, Rollover, SAYE, Takeover, Tax reporting
Categories: Document archive, HMRC meetings