Revenue has updated the Tax and Duty Manual that sets out the basic principles of the self-assessment system for income tax and capital gains tax. The updated manual reflects the change introduced by Finance (No. 2) Act 2023 regarding the taxation of gains realised on unapproved share options. From 1 January 2024 tax arising on the exercise, assignment or release of rights to acquire shares or other assets shall be collected by the employer via payroll under the PAYE system.
The self-assessment regime continues to apply to gains arising on or before 31 December 2023, as does the obligation to register for Relevant Tax on Share Options (RTSO).