Ireland – Deadline Approaching for 2013 Share Scheme Reporting

Ireland – Deadline Approaching for 2013 Share Sch...

The mandatory due date in Ireland for filing Returns of Information for employee share participation schemes is March 31, 2014.

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Flash Alert 2014-003

In Ireland, the mandatory due date for filing Returns of Information for employee share participation schemes is approaching.  This is particularly important for companies where employees and directors have been granted share options, or options have been assigned, released, or exercised by employees and directors, or a Revenue approved share participation scheme has been operated in 2013. 

The mandatory filing requirement also applies to the following Revenue approved share participation schemes:

  • “SAYE” options;
  • APSS share appropriations;
  • Employee Share Ownership Trust transactions.

Corporate compensation and benefits as well as tax professionals should consider their company’s filing obligations and act to collect and organize the necessary information for purposes of the reporting obligations discussed in this newsletter. Additionally, consideration needs to be given to whether the exercise of an option by an assignee to Ireland is reportable.

The mandatory due date for the filing of Returns of Information in Ireland for employee share participation schemes in respect of 2013 is 31 March 2014. Failure to comply with this mandatory filing obligation will result in a penalty and, in the cases of Revenue-approved schemes (such as Approved Profit Sharing Schemes, Employee Share Ownership Trusts, and “Save as You Earn” schemes) Revenue approval can be withdrawn.

The 2013 Form RSS1 requires the reporting of the grant, release, assignment, and exercise of share options and other rights awarded to directors and employees (section 128 TCA 1997) only. Thus companies need not report on Form RSS1 the award of shares (including restricted and forfeitable shares), the vesting of restricted stock units, and taxable events arising under the convertible employment-related securities legislation.

The information contained in this newsletter was submitted by the KPMG International member firm in Ireland.

© 2016 KPMG, an Irish partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

Flash Alert is an Global Mobility Services publication of KPMG LLPs Washington National Tax practice. The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

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