Shares and share options

Schemes without tax and NICS advantages

If you operate a scheme that does not have tax and NICs advantages, that is, has not been approved by HM Revenue & Customs (HMRC) there are a number of occasions on which a valuation may be required.

Where potential income tax charges arise your HMRC office may, where appropriate, ask HMRC Shares and Assets Valuation (SAV) to consider and negotiate that value with you or your professional advisor after the Self Assessment tax return has been submitted. However, if you wish SAV to consider the value of the shares before the appropriate Self Assessment returns have been made, but after the transaction, you can apply to your own HMRC office for a post transaction valuation check (PTVC), similar to the procedure for CGT PTVCs. Your HMRC office will ask SAV to consider that check. SAV's requirements for information for considering the value before the return is filed are the same as those in relation to tax and NICS advantaged schemes and EMI options.

However, HMRC is not obliged to undertake a PTVC and may in its absolute discretion, without giving a reason, decline to do so.