15.4.1 Operation of PAYE and NIC

Tax charges arising in connection with the SIP will be subject to PAYE withholding and NIC charges if the SIP shares are readily convertible assets (‘RCAs’) (see 7.4).

Where the shares in the SIP constitute RCAs, tax at the employeeʼs highest rate must be withheld and PAYE and NIC must be paid to HMRC by 22nd of each month by electronic payment. Details would be reported on the full payment submission to HMRC under RTI.

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