8.1.1 Introduction

One of the most visible changes to the treatment of employment-related securities following FA 2003 was the strengthened reporting regime introduced by the Act, which found many employers puzzling over a complex paper form, the (in)famous Form 42, and fearing a beefy penalty regime associated with the form.

Before FA 2003 there had been a reporting system for employee share transactions, but compliance and enforcement were patchy at best. FA 2003 introduced new, more comprehensive forms and a clear regime of penalty charges.

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