as part of a sales process if, as part of their due diligence, the buyer discovers that the options were granted at undervalue.
Further information on EMI scheme valuations can be found in the Employment Related Securities Bulletin 32, which also includes:
Guidance updates
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When to submit your ERS annual return
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Common ERS annual return errors
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Contact for advice
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Contact HMRC about ERS Bulletins
•
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Marriage allowance tax refund deadline 2015/2016 claims approaching 6 November 2019
The marriage allowance is an initiative that was rolled out on 6 April 2015. It allows for individuals to transfer 10% of their tax-free allowance to their spouse or civil partner, should they not be using that allowance at all or if they are only using a portion of it. The savings are calculated as 20% of the tax-free allowance figure that is transferred. If 2019/2020 is used as an example, the standard tax code gives £12,500 tax free allowance. 10% can be transferred, and 10% of £12,500 is £1,250. There would then be a tax saving of 20% applied to that, equating to £250 in tax savings for the current tax year. The recipient’s tax code would be adjusted to encompass the additional allowance and similarly, the non- taxpayer would see a change to their tax code. The allowance can be claimed retrospectively, and rebates for previous tax years would be issued as cheques. There is a four year limit on reclaiming tax so any submissions for tax year 2015/2016 marriage allowance refunds will need to be submitted by 5 April 2020 or that tax year will be closed to claims. The rules surrounding marriage allowance are refreshingly simple – one individual must be a non-taxpayer and the other must be a 20% taxpayer, as higher and additional rate taxpayers are not eligible to receive the marriage allowance transfer. Both parties must have been born on or after 6 April 1935 and they must be married or in a civil partnership. Co-habiting or being in a relationship do not count.
There is further guidance relating to the marriage allowance on GOV.UK, which can be accessed here.
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GNS messages surrounding apprenticeship levy and employer allowance 4 November 2019 In the October Employer Bulletin HMRC advised that Generic Notification Service (GNS) messages will be circulated to employers as a reminder to review any claims that they are making in relation to either the apprenticeship levy or the employer allowance, or in some circumstances, both. The Bulletin included guidance relating to the eligibility rules surrounding both the apprenticeship levy and the employer allowance. This was prompted by the fact that there have been numerous claims submitted to HMRC that have been incorrect.
As a result of this, some of the GNS messages that are sent will simply be prompts aimed to increase awareness and to remind employers to assess their eligibility internally. The messages will not necessarily be sent to advise that
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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