Ireland – 31 March Deadline for 2014 Share Scheme Reporting Soon Here

Ireland – 31 March Deadline for 2014 Share Scheme

In Ireland, the mandatory due date for filing Returns of Information for employee share participation schemes is fast approaching: March 31, 2015. The 2014 Form RSS1 requires the reporting of the grant, release, assignment and exercise of share options and other rights awarded to directors and employees only. Failure to comply can result in a penalty, and in certain cases Revenue approval can be withdrawn.

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In Ireland, the mandatory due date for filing Returns of Information for employee share participation schemes is fast approaching: 31 March 2015.  

WHY THIS MATTERS

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 2014. 

Failure to comply with this mandatory filing obligation can 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Profit Sharing Schemes, Employee Share Ownership Trusts and “Save as You Earn” schemes) Revenue approval can be withdrawn.  

31 March 2015 is the mandatory due date for the filing of returns of information for employee share participation schemes in respect of 2014. 

The 2014 Form RSS1 requires the reporting of the grant, release, assignment and exercise of share options and other rights awarded to directors and employees only.  Following the enactment of Finance Act 2014 such information must now be delivered in electronic format.  The electronic Form RSS1 is in a spreadsheet format which must be uploaded via the Revenue Online System (“ROS”).  Only registered ROS users may access and upload returns.

No entry is required on Form RSS1 for awards of shares that have been subject to PAYE through payroll (including restricted and forfeitable shares and the vesting of restricted stock units).

A separate 31 March 2015 mandatory filing requirement also applies to the following Revenue-approved share participation schemes:

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

These returns continue to be in paper format.

CONTACTS

For additional information or assistance, please contact your local Global Mobility Services or People Services practice professional or one of the following professionals with the KPMG International member firm in Ireland.

 

Gemma Jacobsen

Tel.: + 353 01 410 1768

Gemma.jacobsen@kpmg.ie

 

Bill Burke

Tel.: + 353 01 410 2759

Billy.burke@kpmg.ie

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The information contained in this newsletter was submitted by the KPMG International member firm in Ireland. The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser. 

© 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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