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Share options
We have recently completed an EMI share option scheme for a client. The client structure is a holding company (Holdco) with a wholly owned trading subsidiary (Tradeco) and the options have been granted over shares in Holdco although the option holders are actually employed by Tradeco.
I registered the scheme through HMRC’s employment related securities online service and submitted the 92 day notifications. I checked the legislation and ITEPA 2003 Sch 5 para 44(2) is quite clear that ‘the notice must be given by the employer company’ which in this case is Tradeco.
However the annual return for 2021-22 is now due but Sch 5 para 52 states that the requirement for an annual return ‘applies in relation to a company whose shares are (or have been) subject to qualifying options’. This implies that it is Holdco which is required to make the annual...
