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As part of its monitoring process, HMRC requires employers that operate share schemes to make returns on an annual basis.

Since tax year 2014/15, online reporting is used and no paper forms are used for reporting currently.

FA 2014, Sch 8 inserted into ITEPA 2003 provisions for automatic penalties in relation to late filing of all annual returns for employment-related securities (whether under a tax-advantaged scheme or not).

FA 2014, Sch 8 also included provisions allowing HMRC to charge penalties of up to £5,000 for material inaccuracies in returns where these are either careless or deliberate, or otherwise not corrected as quickly as possible after they come to light.