If your company operates one of the UK tax-advantaged share plans, you will probably already have heard that new “self-certification” rules are being introduced from 6 April this year, as we reported in our post when the draft Finance Bill was published in December.
HMRC have still to announce their final word on the changes, but for new plans put in place from 6 April they are going to be pretty straightforward.
However, behind the scenes there has been a lot of head-scratching as to the effect of the changes on existing HMRC-approved plans – and in particular about the timescale in which these plans have to be adapted for the new regime. What happens if they don’t actually comply with the new requirements? And what about unapproved arrangements (the ones that have to be reported on the dreaded Form 42)?