In the ninth Employment-Related Shares & Securities Bulletin [ERSM 220060], HMRC announced it is relaxing the guidance in relation to valuing shares when there is a cashless exercise. The manual will be updated in due course. Currently, where the volume of share sales (to cover the exercise price that the employee needs to pay) is large, HMRC will accept that, as long as the sale is effected within two days of the exercise, the average sale price may be taken as the market value of the employees' share acquisitions. HMRC is extending this approach to situations where there are no options involved, for example when shares vest under a long-term incentive plan.
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