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HMRC internal manual

Employee Tax Advantaged Share Scheme User Manual

Introduction to Tax Advantaged Share Schemes: Setting up a scheme: Annual returns: Electronic filing

For the years 2014-15 onwards, companies must submit their SIP, CSOP, SAYE and EMI annual return electronically. This is a mandatory requirement (paragraphs 81D(1) of Schedule 2, 40D(1) of Schedule 3, 28D(1) of Schedule 4) and Section 421JB(1) Part 7 of ITEPA; but if a company feels it is unable to file online for some reason, it should provide full details to the Employee Shares and Securities Team explaining why this is the case -

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Penalties may arise if a company does not file its return and any information accompanying the return electronically, unless HMRC has agreed that the company may file their return in another way. For example on paper (paragraphs 81E(1)(a), 40E(1)(a), 28E(1)(a)) and 521JD(1)(a), refer to the guidance at ETASSUM11600 & ETASSUM11800 for further details with regard to the levels of the penalties).

The Company Secretary (or for an EMI, this can also include a Director) is responsible for the accuracy of the information submitted in the return.

The annual share scheme return may ask for information such as:

  • the names of participants;
  • details to enable verification of the correct operation of the scheme;
  • details of options granted/shares awarded in the year;
  • details of subsisting options/awards;
  • details of options exercised;
  • as well as other information which may be required from time to time.

The annual return must be submitted by 6 July following the end of the tax year to which the return relates. If the return is not submitted by this date a penalty will be charged (see ETASSUM11800).

It remains the responsibility of participants to include in their own SA tax returns details of share acquisitions (where income tax is due and not fully accounted for under PAYE), capital gains and amounts liable to income tax where this information is required (see ETASSUM29000 et seq, ETASSUM38000 et seq, and ETASSUM48000 et seq).