KEY POINTS
- A reminder of the form 42 obligations and penalties.
- The transactions that need to be reported on the form.
- The grant exercise or lapsing of unapproved shareholdings.
- Defining a ‘readily convertible asset’.
- Has an election been made under ITEPA 2003 s 431?
There has been a requirement for employers to file annual share scheme return forms 42 with HMRC since 2003/04.
These forms are for the disclosure of reportable events relating to unapproved share schemes and other employee equity issues.
However many employers are still unaware of or unclear regarding their legal requirements to disclose transactions in employment-related securities to HMRC.
There is a statutory obligation under ITEPA 2003 s 421J for employers to complete this form (even a nil return in certain...
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