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One electronic return likely for share scheme reporting

By October 27, 2020No Comments

The recent Finance Bill provides for annual electronic reporting for share-based remuneration in Ireland. IPSA Vice Chair Gemma Jacobsen (pictured) contacted Revenue on behalf of our members and was advised that while the exact details are still being worked out, Revenue expectation is that there will be one new electronic return incorporating the reporting obligations under for all share-based remuneration not already in electronic format.

This will cover Sections 128C, 128D, 128E and 897B of the Taxes Consolidation Act 1997). The filing date will be 31st March following the tax year end.

Certain schemes will be outside of the new electronic form. These include share options, APSS , SAYE, and KEEP schemes . Any members who have share option and APSS schemes will be familiar with the electronic forms RSS1 and ESS1 respectively. Both of which have had posed a number of filing problems including technologically challenges and initial teething problems.

In the hope that similar issues will not arise with the new electronic form, IPSA has offered, and Revenue have initially accepted, to work with Revenue on testing and the roll out of these new arrangements. This provides IPSA clear insight on the new arrangements which we hope will be helpful for our members.