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Posted Mon, 03 Jun 2024 10:01:43 GMT by Mark Chapman
I'm in a partnership share scheme with my employee to purchase partnership shares tax free up to £1800 per annum, I pay tax through PAYE but have to do a annual return due to having other income. My employee takes off the SIP's from my gross salary and adjust the tax paid rather than a salary sacrifice like my pension, so my gross earning on my P60 includes the £1800 I have paid into the SIP how do a report this on my tax return so that my calculation is correct and I get the tax benefit from the SIP
Posted Wed, 05 Jun 2024 14:06:43 GMT by HMRC Admin 10 Response
Hi
As this is a share inceptive plan and not a pension this does not give tax relief on the payments and you dont include it on the tax return.
Posted Tue, 02 Jul 2024 08:31:52 GMT by Mark Chapman
Hello its as per the link https://www.gov.uk/tax-employee-share-schemes/share-incentive-plans-sips "You can buy shares out of your salary before tax deductions. There’s a limit to how much you can spend - either £1,800 or 10% of your income for the tax year, whichever is lower." My employer takes off £1800 a year for partnership shares and adjusts the tax paid under PAYE. How do i report this on my annual self assessment so I'm not then having to pay all the tax back
Posted Thu, 04 Jul 2024 11:05:23 GMT by HMRC Admin 25 Response
Hi Mark Chapman,
You do not include it anywhere as it is already included within your P60 and there is no relief due on the shares.
Thank you. 

 

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