A learning curve

THE FORM 42 debacle which caused much vituperation last year as a result of which the filing deadline for the 2003-04 forms was extended (twice) from 6 July 2004 to 30 November 2004 will no doubt be remembered by most readers. For 2004-05 the 6 July 2005 deadline appears sacrosanct and so in addition to PAYE and other year-end matters tax departments around the country will have their work cut out.

Of course the form 42 requirements are only the tip of the iceberg of the employment-related securities (ERS) legislation in ITEPA 2003 Part 7. The purpose of this article is to recap on a selection of issues that seem to have cropped up regularly in practice. References are to ITEPA 2003 except where otherwise stated.

Reportable and chargeable events

The compliance obligations in relation to the events which are reportable...