"Non-dom" reforms: restricted securities elections by NOR taxpayers who acquire securities before Finance Bill 2008 is enacted | Practical Law

"Non-dom" reforms: restricted securities elections by NOR taxpayers who acquire securities before Finance Bill 2008 is enacted | Practical Law

Shares and other securities acquired by employees and directors who are resident but not ordinarily resident in the UK on or after 6 April 2008 are expected to fall within the restricted securities tax regime for the first time, as a result of Finance Bill 2008. As explained in this update, there are concerns about how important joint tax elections can be made by any R/NOR employees and directors who acquire such securities two weeks or more before Royal Assent is given to FB 2008.

"Non-dom" reforms: restricted securities elections by NOR taxpayers who acquire securities before Finance Bill 2008 is enacted

by PLC Share Schemes & Incentives
Published on 15 Apr 2008 • England, Wales
Shares and other securities acquired by employees and directors who are resident but not ordinarily resident in the UK on or after 6 April 2008 are expected to fall within the restricted securities tax regime for the first time, as a result of Finance Bill 2008. As explained in this update, there are concerns about how important joint tax elections can be made by any R/NOR employees and directors who acquire such securities two weeks or more before Royal Assent is given to FB 2008.
HMRC is considering this issue and we expect they will give further guidance soon.
This issue has now been resolved by a provision in the Finance Act 2008 (paragraph 91 of Schedule 7). This allows elections to be made up to 14 August 2008 in respect of restricted securities acquired by R/NOR employees from 6 April 2008 to 31 July 2008 (inclusive).