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Employee Share Schemes: NIC elections.
A consultation on whether companies with non tax-advantaged share schemes require the continued availability of a National Insurance election has been launched by HMRC. It also seeks views on the consequences of removing the ability to make such elections.
A National Insurance election (Sch 1 para 3B) is the means of transferring to the employee the employer’s class 1 National Insurance obligation on the occasion of chargeable events in connection with employment-related securities options.
There are no plans to change National Insurance agreements (Social Security Contributions and Benefits Act 1992, Sch 1 para 3A), on the basis that there is a demand for their use.
Comments should be emailed here by 13 July 2016.
