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HMRC internal manual

Employee Tax Advantaged Share Scheme User Manual

Introduction to Tax Advantaged Share Schemes: Annual returns: Penalties for late filing

Penalties will arise if a return is not received by 6 July following the end of the tax year to which the return relates. A £100 penalty will be issued automatically even if the return is just one day late. Additional automatic penalties of £300 will be charged if the return is still outstanding three months after the due date, and a further £300 if it is still outstanding six months after the due date. If a return is still outstanding nine months after the due date, daily penalties of £10 a day may be charged.

A return must be submitted for every year from the year in which notice is given of the scheme (or the year of the date of the first award or grant of option if earlier), until the termination condition is met.