Tuesday, November 28, 2017
The Report Stage of the Finance Bill published on 22 November 2017 outlined a number of changes to the conditions of the Key Employee Engagement Programme (“KEEP”) which was originally introduced in Budget 2018 (please see our original update here).
The following amendments have been included which substantially amend the wording of the original Finance Bill as published in October:
As the Finance Bill has now been passed by the Dáil further changes to KEEP are unlikely. Our previous general comments still apply, however it is notable that these changes – particularly the clarification that the company must only be an SME at the date of grant and not the date of exercise – have broadened the scope of companies that will be eligible and may take up the scheme.
Please contact Gavin McGuire, Eoghan Doyle or Anna Crowley for more information or any queries you may have.
The information contained in this article is based on the interpretation of the relevant tax law, tax practice and published statements of the Minister for Finance. As in all matters involving interpretation of law and practice, there can be no guarantee that the Revenue Authority or Court will necessary agree to an interpretation. In addition the changes proposed in the Budget are subject to the passing of the Finance Bill through the houses of the Oireachtas and the passing of all necessary supporting legislation. The views expressed in this document are based on the firm’s interpretation of the Minister’s statement, current law and practice and may change at any time hereafter.