Change in Bonus Rates for SAYE Sharesave Schemes
February 17, 2009 by Davenports Tax Team
Filed under Accountancy News
The Government today announced changes in the bonus rates for the Save As You Earn (SAYE) Sharesave scheme that will maintain them in line with other interest rates.
SAYE is one of a number of Government initiatives promoting wider employee share ownership.
The bonus rates were last changed on 27 December 2008.
The new bonus rates effective from 17 February 2009 will be:-
| Contract Type | Bonus Rate(Previous rates in brackets) | Annual Equivalent Rate (Previous rates in brackets) |
| 3 Year | 0.6 x monthly payments (1.5) | 1.08% (2.67%) |
| 5 Year | 2.6 x monthly payments (4.8) | 1.67% (3.04%) |
| 7 Year | 5.6 x monthly payments (9.3) | 1.98% (3.20%) |
The Early Leavers’ Rate will be changed from 2% to 0.5%.
Employees who sign up to SAYE will receive the bonus rate for the relevant contract that was in force at the time they joined the scheme. They will not be affected by future bonus rate changes.
For assistance with share schemes or any other accountancy or tax issue, why complete the simply form below and one of our accountancy or tax team will contact you very shortly.
You might also be interested in:
- HMRC Change Bank Details HM Revenue & Customs have annouced that new bank details...
- Businesses Given More Time to Pay Business Rates Businesses will be able spread payment of this year’s inflation...
- Change of TURN Contact Details TURN stands for “Trader’s Unique Reference Number”. It is a...
- Class 2 National Insurance Contributions Changes Changes to payment dates - Class 2 National Insurance contributions...
- Company cars - advisory fuel rates from 1 June 2011 HM Revenue & Customs has published new advisory fuel rates...
Comments
We're always looking to improve our services, so please do leave a comment to let us know what you thought of this post.
You must be logged in to post a comment.