Employment and pensions

UK Employee Incentives Update | April 2024

Published on 17th Apr 2024

Developments in share plans including EMI notifications and employment-related securities annual returns

View from above towards five business people around meeting table

In this edition, we cover developments in employee share plans in the UK including the extension of the EMI notification period (for EMI options granted on or after 6 April 2024) and the upcoming 6 July deadline for companies to file their employment-related securities annual returns.

We also look at employee incentive plans in Poland and some recent tax developments in France.

EMI options | Extension of notification period

The government announced a number of changes to simplify the process for granting tax-advantaged enterprise management incentive (EMI) options at the Spring Budget 2023. The final change to be implemented applies to EMI options granted on or after 6 April 2024 and extends the time limit for companies to notify HMRC of such grants.

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Employment-related securities | End-of-year reporting to HMRC

Companies operating employment-related securities arrangements are reminded that they must submit their annual returns for the tax year ending 5 April 2024 by 6 July 2024.

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Spring Budget 2024 | Further NICs changes and consultations

Our Insight covers the business tax measures announced at the Spring Budget 2024. The further cut in the main rate of employee Class 1 National Insurance contributions (from 10% to 8%) took effect from 6 April 2024.

The government is consulting on the Private Intermittent Securities and Capital Exchange System (PISCES), a new innovative market that will allow private companies to scale and grow. It will be interesting to see how these proposals develop – it is to be hoped that this will be a useful platform for companies operating employee share plans involving transfers of existing shares.

An update on the recent consultations on proposed improvements to tax-advantaged all-employee share schemes and on the targeted reform of Employee Ownership Trusts and Employee Benefit Trusts is awaited.

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TMC Annual Review 2024 | Europe recognises the benefit of incentives for tech growth companies

We published our TMC Annual Review 2024 in February, featuring our article "Europe recognises the benefit of incentives for tech growth companies". This provides an overview of the UK landscape and highlights recent developments in Sweden, Spain and Germany.

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Employee tax | Recent developments

HMRC announced in February 2024 that it is aligning its approach to providing advance assurance on certain termination payment enquiries.

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Poland | Employee incentive plans

Our Polish team summarises the main incentive arrangements available for employees in Poland.

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France | Tax domicile is not tax residence: what are the practical implications of withholding tax on French-source wages, salaries and pensions?

Our French team report on a recent decision relating to the application of a withholding tax on French-source salaries, wages and pensions paid to persons who are not domiciled in France for tax purposes and its practical implications.

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Insights | Recent publications

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* This article is current as of the date of its publication and does not necessarily reflect the present state of the law or relevant regulation.

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