The Institute, under the auspices of CCAB-I, made representations on behalf of members at last week’s meeting of TALC Audit. Among the issues discussed, Revenue provided updates on unclaimed PAYE and USC refunds and employee share scheme compliance.
PAYE and USC refunds
Revenue have advised us that over the coming weeks they intend to contact PAYE taxpayers regarding their preliminary PAYE and USC positions for 2019, 2020 and 2021 as current indications are that many PAYE taxpayers may be entitled to refunds.
We will keep members updated via Tax News.
Employee Share Schemes Compliance – Revenue to write to taxpayers
Over the coming weeks, Revenue will write to employers and employees participating in employee share schemes. Current Revenue data indicates significant non-compliance with Relevant Tax on Share Options (RTSO) and CGT in respect of employee share schemes. We will circulate copies of the letters via Tax News once they are made available to us.
A key message coming from Revenue is that it intends to proceed with Level 2 interventions where there is non-compliance by participants of employee share schemes. However, Revenue also acknowledged more can be done to communicate compliance requirements to employees participating in such schemes. We will keep members updated via Tax News.