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31 March 2021 is the mandatory due date for the filing of returns of information for employee share participation schemes in respect of 2020. Gemma Jacobsen and our People Services team explain.

Failure to comply with this mandatory filing obligation can result in a monetary penalty.  In the cases of Revenue approved schemes (such as Approved Profit Sharing Schemes, Employee Share Ownership Trusts and Save as You Earn option schemes) Revenue approval can be withdrawn, and for KEEP option schemes the company would no longer be regarded as a qualifying company.

In a new development, Finance Act 2020 provides for returns of information on share plans where there was, until now, no prescribed format for reporting and that this reporting to be in electronic format. We previously advised that Revenue had confirmed that it is their intention that this filing requirement will apply for 2020 and they may extend the statutory deadline of 31 March 2021 for this return, if the electronic form has not been released in advance of this deadline. The electronic “Form” is currently in the development phase and is not yet available for usage, Revenue now advise that it is likely that the electronic “Form” will not be available from Revenue until June 2021. They advise that the release and filing date will be updated on in due course.

Get in touch

If you have any queries on the deadline discussed above, please contact Gemma Jacobsen, Olive O'Donoghue or Thalia O'Toole of our Employment Tax Services team. We'd be delighted to hear from you.

Further reading