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BUSINESS LIFE: Shares form deadline extended.

THE Inland Revenue has yet again delayed the introduction of the controversial Form 42, which requires small companies to detail their share transactions.

Laurence Moore, a partner at Coventry accountants Pilley & Florsham, who described the form as "yet another piece of bureaucratic red tape," said it was the third such postponement.

He said: "The original deadline was July 5, but the Revenue had already bowed to pressure from businesses and advisers because of the difficulty in downloading the forms and had granted a two-month extension until September 6. That has now been extended to November 30."

The form requires details of when shares or share options are acquired by directors or employees. Penalties for non- adherence can include a fine of up to pounds 300 and pounds 60 thereafter for every day a company fails to submit the form."

The Revenue said it had put back the date to give accountants more time to communicate the new requirements to their clients and for employers to collate the information.
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Title Annotation:Business
Publication:Coventry Evening Telegraph (England)
Date:Aug 10, 2004
Previous Article:BUSINESS LIFE: Taste of the Med right on the high street.

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