Income Tax (Earnings and Pensions) Act 2003 section 465

Duty to notify acquisitions of shares or interests in shares

Section 465 requires employers and employees to notify HMRC when shares or interests in shares are acquired in connection with employment, and sets out the time limits and requirements for doing so.

• When an employee or director acquires shares or an interest in shares by reason of their employment, HMRC must be notified with the relevant particulars.
• The deadline for notification is 6 July following the end of the tax year in which the shares were acquired.
• The particulars must be provided directly to HMRC (rather than to an individual tax inspector).
• If an acquisition has already been notified under this section, there is no requirement to notify it again — each acquisition need only be reported once.