The latest employment related securities bulletin explains that the implementation date of the extension to the SAYE savings holiday for employees on qualifying parental leave will no longer be 6 April 2018. The change will now take effect on 1 September 2018 and will apply for all SAYE plans. SAYE savings holiday Autumn Statement 2017 announced an extension to the SAYE savings holiday for employees on qualifying parental leave from 6 months to 12 months. This was due to take effect from 6 April 2018. After receiving representations from the share plan industry, the government is delaying implementation of the extended SAYE savings holiday. This is to provide plan providers and administrators with time to make and test system changes.
The government has also announced that the SAYE savings holiday will now be extended to 12 months for all SAYE plans, not just those with qualifying parental leave. This change will take effect on 1 September 2018.
HMRC will update the SAYE prospectus and guidance in the Employee Tax Advantaged Share Scheme User Manual (ETASSUM) to reflect these changes.
The employment related securities bulletin is published by HMRC and provides information and updates as and when necessary on developments relating to employment related securities, including tax advantaged employee share schemes.
The latest employment related securities bulletin (no.26) also contains articles on:
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ERS online data common issues
top things to remember
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Welsh income tax codes to have ‘C’ prefix 29 March 2018
It has been confirmed that a ‘C’ code will be applied to the Welsh Taxpayers Notice of coding when Welsh Income Tax becomes devolved from April 2019.
At a recent meeting with the British Computer Society (BCS) this subject was raised and it has now been confirmed by HMRC that a Welsh taxpayers code will have a ‘C’ prefix.
We have been informed that an article will be published shortly on GOV.UK and in HMRC’s next Employer Bulletin.
Welsh devolved taxes This year sees the first Welsh taxes come into play with land transaction tax and landfill disposals tax replacing stamp duty land tax and landfill tax from 1 April 2018. From April 2019, the National Assembly for Wales will be able to vary the rates of income tax payable by Welsh taxpayers. Responsibility for many aspects of income tax will remain with the UK government, and the tax will continue to be collected by HMRC for Welsh taxpayers. From April 2019, the UK government will reduce each of the 3 rates of income tax – basic, higher and additional rate – paid by Welsh taxpayers by 10p. The National Assembly for Wales will then decide the 3 Welsh rates of income tax, which will be added to the reduced UK rates. The combination of reduced UK rates plus the Welsh rates will determine the overall rate of income tax paid by Welsh taxpayers.
One would assume that as the Welsh word for Wales is Cymru , then that is why the decision to go with a ‘C’ code has been made.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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