They are reviewing whether to continue agreeing (pre-transaction) share valuations for tax-advantaged arrangements (e.g EMI).
The withdrawal of this service is likely to have a significant impact on companies operating non-tax advantaged employee share incentive arrangements (such as growth shares) as the ability to seek informal HMRC approval of the share valuation gave companies and participants comfort regarding their taxation. If you are in the process of implementing such arrangements, it would be best to send valuations to HMRC as soon as possible.
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Please note this information is provided by way of example and may not be complete and is certainly not intended to constitute legal advice. You should take bespoke advice for your circumstances.