Minutes of mini-meeting between HMRC and the Tax Committee of the Share Plan Lawyers Group held 10 July 2008

Minutes of mini-meeting between HMRC and the Tax Committee of the Share Plan Lawyers Group held 10 July 2008. Matters discussed include:

(1) Simplification process update;

(2) Issues list. Issues discussed include:

(1) PAYE health checks;

(2) Averaging for AIM companies’ approved and EMI option schemes;

(3) Non-resident and non ordinarily resident employees acquiring shares;

(4) Rollover of restricted shares;

(5) rights issues and forfeitable shares;

(6) Rights issues and SIPs where more than one class of ordinary shares;

(7) Valuation of employee shares – problems with the identification rules;

(8) Manuals;

(9) New legislation on residence and domicile;

(10) NI on exercise of Sharesave options – asked at January 2008 meeting;

(11) Apportionment of gains on restricted shares (where the statutory regime offered by Finance Act 2008 will not assist);

(12) Outstanding issues on SIPs and REITs;

(13) SAYE schemes and section 409A of the US Internal Revenue Code.

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Keywords: Bad Leaver, CGT, CGT reliefs, Corporation tax, Demerger, EMI, Employment-related security, Forfeiture, HMRC compliant plans, Income tax, ITEPA 2003, Leavers, NICs, PAYE, Restricted securities, Rights issue, Rollover, s.222 charge, s.431 elections, Scheme of arrangement, Securities option, Share valuation, SIP, USA
Categories: Document archive, HMRC meetings