Share Incentive Plan — consequential change because of the Neonatal Care (Leave and Pay) Act 2023
This tax information and impact note is about a change to the notice an employer must give to an employee regarding the possible effect of deductions from salary, in relation to a Share Incentive Plan. This change is because of Statutory Neonatal Care Pay being introduced from April 2025.
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This measure will make a minor change to Schedule 2 Paragraph 48(2) of the Income Tax (Earnings and Pensions) Act 2003 and the ‘Employee Share Ownership Plans (Partnership Shares — Notice of Effects on Benefits, Statutory Sick Pay and Statutory Maternity Pay) Regulations 2000’ to ensure that the notice an employer must give to an employee regarding the possible effect of deductions from salary, in relation to a Share Incentive Plan, will refer to Statutory Neonatal Care Pay as well as other statutory payments.