HMRC reduces content on share scheme return forms

Companies will not have to provide as much information on their share scheme return forms for 2007/08 as in previous years, therefore easing the administrative load on employers.

HM Revenue & Customs (HMRC) has removed the requirement, among others, to specify amendments to scheme rules and changes in participating companies’ approved schemes.

Fiona Downes, head of employee share ownership at Ifs ProShare said this information is not central to share plan administration and the removal of the requirement to supply it helps reduce employer administration.

She said: “I think [HMRC] is making it easier to comply because of deadline filing penalties.” The revisions will affect returns that are due to be submitted within the 12 weeks running from 6 April 2008.