Do you have an SAYE scheme?
If so, you may have heard about the recent updates introduced by the HMRC that impact Capital Gains Tax (CGT) and Bonus Tax Rates – as well as the announcement of more changes coming in 2024.
What does this mean for you and your participants?
Some participants may receive CGT tax bills for the first time, while others may receive higher bills than before. Meanwhile, the change in Bonus Tax Rates may yield higher returns for some.
In this episode, Darren Smith, Head of Business Development UK & Ireland for Global Shares, a J.P. Morgan company is joined by Zoe Denny-Thomas, Senior Consultant & Equity Communications Practice Leader EMEA, for AON to talk through the specifics of the updates, their likely effects, and the importance of an effective communication plan to give your participants the information they may need.
What we cover
- Specifics on the reduced CGT exemption limit and implications for share plan participants
- The possibilities around using ISAs to help shelter individuals from potentially higher CGT bills
- The return of the bonus rate for SAYE plan participants
- What the changes mean to Sharesave plans and SIPs
- How companies can look to inform participants on these changes
- What effects, if any, the updates are likely to have on employee enthusiasm for share plan participation
Ep 13. SAYE 2023: Understanding CGT & Bonus Tax Rates with AON
Information provided in this podcast is intended for informational and educational purposes only. Guests on the Own Up podcast may not be affiliated with JP Morgan Chase & Co. The podcast contains the views of a JP Morgan employee, which may differ from the views of JP Morgan Chase & Co., its affiliates and employees. The views and strategies described may not be appropriate for everyone. Certain information was obtained from sources we believe are reliable, but we cannot verify the accuracy of the content and we accept no responsibility for any direct or consequential losses arising from its use. You should carefully consider your needs and objectives before making any decisions. For specific guidance on how this information should be applied to your situation, you should consult a qualified professional.