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Employment Related Securities Bulletin 59

HMRC’s March 2025 Bulletin provides several key updates including:

  • Private Intermittent Securities and Capital Exchange System (PISCES): a general update on the introduction of PISCES a new stock market for secondary trading of private company shares via regulations to be laid in May 2025. PISCES will not be a recognised stock exchange under ITA 2007 s 1005 affecting how shares traded on PISCES are reported in employment-related securities returns (see also HMRC’s Technical Note).
  • Non-domicile reform reminder: changes to Overseas Workday Relief (OWR) affecting ERS income will take effect from 6 April 2025. Updated guidance will be available in HMRC’s Employment Related Securities Manual on 6 April with reporting requirements unchanged until the 2025/26 reporting window.
  • ERS end of year returns and Enterprise Management Incentive notification windows: ERS end of year returns for 2024/25 must be submitted by 6 July 2025. EMI notifications for...

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