Profit Sharing
Finance Act 2023 amends sections 128, 128B, 531AO, 959AB and 985A of the TCA 1997 so that the taxation of a gain realised on the exercise, assignment or release of a right to acquire shares or other assets is moved from self-assessment to the Pay As You Earn (PAYE) system. This treatment will apply to gains realised on or after 1 January 2024. As a result, the employer will be responsible for accounting for the income tax, Universal Social Charge and employee’s PRSI to the Revenue Commissioners as part of their payroll process. Gains realised on or before 31 December 2023 will remain taxable under self-assessment.