The new requirement is part of new reporting rules and carries a penalty if disclosures are not made by the deadline.
As an example, a company that does not report unapproved shares awards to 1,000 employees could face a fine of £300,000.
Grant Thornton says the share transactions that must be disclosed relate to those offered by way of ‘former, current or prospective employment’ which the firm calls a ‘very wide definition’.
Stephen Quest, tax partner at Grant Thornton, warned: ‘The Revenue is firing a parting shot at businesses and is threatening to pursue late filers. The costs for newly incorporated businesses, who miss the deadline, will be significant.
‘For the larger corporates with many thousands of employees, missing the deadline could leave them with a penalty bill that runs into millions.’
HMRC has won its tenth successive case against tax avoidance schemes promoted by NT Advisors. The Court of Appeal has ruled that NT ... read more
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