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.