HM Revenue and Customers have release information on the change to the SAYE bonus rates application from 18th August 2023.
Following the launch of the new SAYE bonus rates automatic mechanism and specimen Save As You Earn (SAYE) prospectus as set out in Employer Related Securities Bulletin 51 (May 2023), new SAYE bonus rates and early leaver rate will apply from 18th August 2023.
These will be:
- 3 year bonus rate: 1.1
- 5 year bonus rate: 3.2
- early leaver rate: 1.42%
This is the first time new SAYE participants will receive a bonus since 2014.
Going forward, the rates will change on the 15th day following a change in the Bank of England Bank Rate. The next date the Bank of England may be expected to change the Bank Rate is 21st September 2023.
The future bonus rates, early leaver rate and the effective date of any change will be recorded at change in bonus rates for Save As You Earn (SAYE) Share Option Schemes.
SD Worx and supporting employee share schemes
SD Worx pay supports the operation of employer securities within payroll, from operating voluntary deductions to make payments towards an SAYE scheme, to applying the tax and NI calculations for unapproved share option vestings.
If you want to know how the SD Worx Payroll, HR and Legal Services can assist, then please do make contact via the contact form or email pals@sdworx.com