Irish Revenue has issued eBrief No. 103/21 regarding a new return requirement for mandatory electronic reporting of certain share-based remuneration. In relation to this, eBrief No. 104/21 has also been issued to confirm that share-based remuneration is not required to be included in Form P11D.
Revenue eBrief No. 103/21 New Share Schemes Reporting Return
Section 8 of the Finance Act 2020 provides for the mandatory electronic reporting of certain share-based remuneration. This includes restricted stock units (RSUs), restricted shares, convertible shares, forfeitable shares, discounted shares, and any other award with cash-equivalent of shares.
As a result, a new electronic form, the Employer's Share Awards (ESA) return, is in the final stages of development and is planned to be available for completion during June 2021.
The new electronic return will apply for the tax year 2020 onwards, with a filing deadline of 31 August 2021 for the 2020 return. Note that for subsequent years, the reporting date of 31 March following the relevant tax year will apply.
The new return will have a format very similar to the existing KEEP1, RSS1 and ESS1 electronic returns - a pre-formatted spreadsheet which can be uploaded through the Revenue Online Service (ROS).
Further updates and information on the new online return will be provided by Revenue in the coming weeks.
Revenue eBrief No. 104/21 Form P11D
Tax and Duty Manual Part 05-03-08 - Form P11D - has been amended to confirm that share based remuneration is not required to be included in this form.