Magazine article Financial Management (UK)

Revenue Gives Way on Form 42 Deadline

Magazine article Financial Management (UK)

Revenue Gives Way on Form 42 Deadline

Article excerpt

In response to lobbying from professional bodies, the Inland Revenue has announced that companies will be allowed nearly three months longer to report transactions involving shares and other securities on Form 42.

The deadline is now 30 November instead of 6 September, but this will apply only to companies to which a Form 42--covering new employment-related securities reporting requirements (see panel, below)--has yet to be issued.

Since details of the new filing requirement emerged in June, the Revenue has twice extended the return dates for these forms. Representations via the profession's Working Together Group highlighted the difficulties that tax advisers were having communicating the new requirements to their clients, and the problems that employers were experiencing collating the required information by the deadline. The Revenue recognised that this was "only shortly after the main holiday period." In a statement published on its website, it added: "Our primary aim is to help those trying to comply with their obligations so that we receive the required information. We recognise that both employers and advisers who are new to these reporting requirements may need to put information-gathering systems in place. In recognition of this and of the representations made, we have decided to allow a further extension of the date by which information has to be reported if companies are to avoid penalty proceedings."

Companies that were sent a Form 42 in April but did not fill it in and send it back before 6 July will still face penalty proceedings for falling to make a return. …

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