SAYE Government U_turn

SAYE Government U-turn

The government has reversed proposals to force companies to offer employee save-as-you-earn (SAYE) schemes to all employees regardless of their residence and domicile.  Earlier this year, the government proposed that companies offering share incentive plans and sharesave plans extend their offer to all UK residents meeting the company’s eligibility criteria including those not UK ordinarily resident or UK domiciled.  However, following representations from legal firms and the Shareplan lawyers group, the government announced it would return to its original position.

Our view

This removes a layer of complexity for employers that offer such schemes which is welcome.

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