Note of a meeting with the Inland Revenue on 19 June 1997

Note of a meeting with the Inland Revenue on 19 June 1997. Considers:

  • Profit Sharing Schemes – operation of PSS with cash payments, Inland Revenue practice in dealing with CREST share holdings and completion of tax returns;
  • QUESTs – appointment of trustees, Inland Revenue clearance procedure, number of QUESTs established and qualification as “persons elected to represent the employees;
  • Approved CSOP – clause for the collection of PAYE on exercise and provisions in the rules relating to amendment of Approved CSOP;
  • Shares acquired at undervalue or as a gift – application of section 165 ICTA 1988;
  • Valuation of shares in an unquoted company;
  • Savings Related Share Option Schemes – shares ceasing to satisfy requirements in Schedule 9, ICTA 1988.
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Keywords: Cash bonus, CSOP, Discretion, HMRC compliant plans, Income tax, NICs, PAYE, Profit Sharing Scheme
Categories: Document archive, HMRC meetings