SAYE Bonus Rate Mechanism Review
SAYE providers will be aware that there is a bonus rate mechanism, referenced in the SAYE prospectus, which is used to calculate the bonus and interest rates which are applied when an individual enters into a SAYE contract. These rates are fixed at the start of the contract and the rates have been set at 0% since December 2014.
The current mechanism is extremely complex, and we are undertaking a review to consider options to simplify it. Whilst we undertake this review, the bonus and interest rates are being held at 0%. New prospectuses were issued on 15 June 2022 removing reference to the current bonus rate mechanism.
We advised the Share Schemes Forum on 7 June 2022 of the plan to review the mechanism and we will discuss the mechanism with stakeholders to inform any decisions made.
We will provide an update with a further bulletin before the end of the summer.
If you are submitting enquires by post, our address is:
Charities, Savings and International 1
HMRC
BX9 1AU
Alternatively, you can submit you enquiries by email to: Shareschemes@hmrc.gov.uk.
If you need to disclose sensitive information, and have concerns about sending this by email or post, you should send a short email:
- without any sensitive data
- with details of how we can contact you
We’ll get back to you as soon as possible to arrange an alternative.
HMRC will store any correspondence you send securely for information purposes only.
Make sure you include the relevant share scheme reference number if you have one when you contact us about share schemes. If you have not provided the share scheme reference HMRC may not be able to respond to or answer your query.
You can find more information on how to identify your share scheme reference number in Employment Related Securities Bulletin 25.
Changes to HMRC email addresses
We’ve been making changes to our email addresses in HMRC. You may have noticed that instead of our email addresses ending in @hmrc.gsi.gov.uk, they’ll end @hmrc.gov.uk. Any emails that you send to our old email addresses will still redirect to us.
If you have any questions, feedback or suggestions for future articles you should email: Shareschemes@hmrc.gov.uk.
