The 6 July deadline for companies to register their share incentive plans with HMRC online (and self-certify their tax advantaged plans) is fast approaching.  By this date companies must also make an end-of-year return for each plan, including any non-tax-advantaged (“unapproved”) arrangements where there have been “reportable events” – see our previous article on this topic.

Unless there is a reasonable excuse, which will be assessed on a case-by-case basis, there is an automatic penalty of £100 for failing to submit an annual return on time, an additional penalty of £300 per 3-month period the return is left outstanding and £10 per day if it is over 9 months late.

Details of a meeting at ifsProShare between HMRC and representatives of various companies have recently been released.  According to a straw poll of the 22 attendees, although around 90% of them had registered their plans with HMRC online, none had yet submitted their end of year returns.