• Service: Tax, Global Indirect Tax, Global Mobility Services, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 5/10/2013

United Kingdom - Reporting fund regime, approved share-option plan  

May 10: Draft amendments to address certain technical issues in the operation of The Offshore Funds (Tax) Regulations 2009 have been published by HM Revenue & Customs (HMRC), with an open consultation period until 31 May 2013.

The proposed amendments do not place any additional burden on fund managers, but do operate to make sure end investors receive more accurate information.

Finance Bill - Changes to approved share-option plans

The Finance Bill will introduce certain changes to the HMRC "approved share plan" rules. The aim of the changes is to harmonise certain provisions across the different types of approved share plans as part of the UK government’s ongoing review of the simplification of taxation. For more information on these changes, read aBudget 2013 commentary [PDF 1.63 MB] prepared by the KPMG member firm in the United Kingdom

Employers operating "share incentive plans," "company share-option plans," or "save as you earn plans" need to consider the impact of the changes, including:

  • The changes introduced will be deemed to be incorporated into existing plan rules, but it may be clearer and easier to interpret a plan and avoid mistakes if rules are actually amended.
  • Understanding how the changes will affect existing awards (this can depend on precisely how “historic” award documents were worded).
  • Do employee communication documents need to be updated?

Today’s report also covers the following topics:

  • Statutory residence test guidance
  • Intervention from the EU
  • VAT: WHA Limited and another Supreme Court judgment

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