Where shares are acquired at an undervalue by an employee, then he or she will be potentially liable to income tax under Schedule E if such shares represent a perquisite or profit arising from his or her employment (Weight v Salmon 19 TC 174). The taxable amount of the benefit will consist of the value of the shares less any consideration paid by the employee. A similar analysis is likely to apply to foreign employments taxable under Schedule D Case III (i.e. those with non-Irish duties).Click the link to download the full article
While it might seem far away at the moment, 2024 is a year with big changes coming for payroll and payroll reporting obligations.