What type of arrangements will meet with HMRC approval?
A. To help companies we are being very flexible about the way that the employee can meet the secondary NICs to be paid by them under the election. Examples of an arrangement that are likely to meet with HMRC approval are where a trust, an investment house or the employer withholds (& sells) some of the shares from the employee to meet the liability. The arrangements should however demonstrate that: • they will result in the timely payment of the transferred NICs; • the employer will be aware of when a share option gain has been made or, in the case of restricted & convertible shares, a post-acquisition chargeable event has occurred (so that he can meet his responsibilities for accounting and recording the NICs); • the employer will receive the funds from or on behalf of the employee in sufficient time to pass these to HMRC within 14 days of the end of the income tax month in which the gain was made or chargeable event occurred (A tax month starts on the 6th of one month and ends on the
Related Questions
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- What type of arrangements will meet with HMRC approval?
