As the 6 July deadline approaches for filing Form 42 (non-Revenue approved schemes) and the various Revenue approved scheme annual returns, the Revenue has informed us that due to significantly reduced staffing numbers, their service levels have had to change. Specifically:
- Email queries are preferred to telephone queries, which they may not be able to take. Their email address is shareschemes@hmrc.gsi.gov.uk.
- Due to space constraints, do not assume that the Revenue has any of your paperwork on file. Little is kept electronically. Copies of relevant scheme rules and papers should always be emailed with any query (even if they have recently been sent in). Email is better than post (even if sent direct to the London address, post can be redirected to Nottingham where much of the Share Scheme Unit's administrative work is now undertaken).
- The Revenue now only has 3 inspectors reviewing share scheme documents, compared with 10 only a matter of years ago. There are no London based administrative staff.
- Delays of up to 6 weeks in turning round correspondence are occurring. The Revenue will try to prioritise according to commercial pressures, but suggest ample time is left for all cases of difficulty and to implement new plans.
Longer term, the Revenue is looking at how it can deal with these
pressures, which may include streamlining work, reducing the need
to contact the Revenue or conceivably removing the need to approve
schemes altogether, and instead leaving it to companies and their
advisers to check compliance with the legislation.
This article was written for Law-Now, CMS Cameron McKenna's free online information service. To register for Law-Now, please go to www.law-now.com/law-now/mondaq
Law-Now information is for general purposes and guidance only. The information and opinions expressed in all Law-Now articles are not necessarily comprehensive and do not purport to give professional or legal advice. All Law-Now information relates to circumstances prevailing at the date of its original publication and may not have been updated to reflect subsequent developments.
The original publication date for this article was 02/07/2010.