The new return for reporting securities under unapproved share schemes is form 42. The deadline for returning the completed form was 6 July. A penalty of up to £;300 may be imposed for failure to submit the return, with further penalties not exceeding £;60 per day if the failure continues. The Inland Revenue is starting penalty proceedings against those companies that have missed the filing deadline.

As some advisers had experienced problems in completing the new form, the Inland Revenue announced in June that the return deadline would be extended to 6 September 2004 where a form had not been issued in time to meet the statutory deadlines. As a result of further representations from the major accountancy firms, that deadline has now been extended to 30 November 2004.

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...back to 6 August 2004

Sources: www.inlandrevenue.gov.uk/shareschemes/form42-moretime.htm