Starting from April 6, employers will need to register existing and new share schemes online with HMRC, enabling employers to file share schemes returns and information digitally and to self-certify any Share Incentive Plans (SIP), Save As You Earn (SAYE) schemes and Company Share Option Plans (CSOP).
The tax changes will implement the recommendation made by the independent Office of Tax Simplification (OTS).
David Gauke, the exchequer secretary to the Treasury, said: “The OTS told us that the system of scheme approvals and submission of annual returns was out of date, frustrating and off-putting for business.
“HMRC is moving towards a digital future which will end many burdensome and time-consuming processes.”
The digital process will replace the current paper submission system.
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