Seven-year savings periods under sharesave schemes are due to be abolished from 23 July.
HM Revenues and Customs (HMRC) has not made an official announcement of the change, but has informed sharesave providers that the current prospectuses will not apply from 23 July.
Seven-year sharesave contracts will remain available under invitations sent to employees before 23 July if an application is returned by 22 August 2013.
The withdrawal of the seven-year savings period was recommended by the Office of Tax Simplification in its report on tax-advantaged employee share schemes.
The government’s acceptance of this recommendation was published in December 2012.
