Changes affecting all SIP & SAYE Schemes
A recent ifsProShare announcement stated that HMRC have released new changes to the Finance Act 2008 regarding participants who are resident but not ordinarily resident for SIP and SAYE schemes.
This change affects all companies offering SIP and SAYE schemes.
ifsProShare’s article explains that:
- for companies where all employees are resident and ordinarily resident, there should be no need to make any changes to the plan rules
- for companies where some employees are resident but not ordinarily resident and they do not wish them to be eligible for the SIP/ SAYE, the plan rules (Section 15 of ITEPA) will need to be reviewed.
Please click here to access the HMRC website’s proposed wording when changing plan rules.
For further information, please contact your Capita Share Plan Services Relationship Manager or jjrichardson@ifslearning.ac.uk (020 7444 7104).