Share Register - Form 42

Form 42 is HMRC’s annual return that is required in very specific circumstances. IRIS will only assist in the completion of the following sections of the form:

Section 2 - Security type A only (Acquisition of unrestricted securities)
Section 5 - nil return

If an employee related share/bonus/rights/scrip issue for unrestricted shares exists within the tax year (currently 6th April 2006 to 5th April 2007) then form 42 will be activated in IRIS. This will complete section 2 for security type A only.

For details on which options affect the generation of form 42, see below:

	Employee related?	Unrestricted shares?	Part of scheme?	Approved scheme?	IRIS completes Form?
IR 42 required	YES	NO	-	-	NO
	YES	YES	NO	N/A	YES
	YES	YES	YES	NO	YES
IR 42 not required	NO	-	-	-	NO
	YES	NO	YES	YES	NO
	YES	YES	YES	YES	NO

If Section 5 – nil return is needed, form 42 can be logged by going to Client | View select the History tab and click Log New. The Log Client History Event screen displays. Select employment related securities and then enter tax year the form is required for. Click OK and it adds the item into the history screen as well as activating a completed form.

IRIS Company Secretarial will only generate completed sections 2 and 5. If other sections need completion this can be only be achieved manually.

The completed form 42 must be reviewed with care. The form may not be complete; it is the users’ responsibility to ensure that the correct details are included and if not to amend the form accordingly.

Other Share Register options

Regardless of the tab selected in the Share Register, there are three options at the bottom of the screen:

Print Registers to select and print any register from IRIS Company Secretarial, which is also accessed from Reports | Company Registers
Status further detail given below
Close to exit from the whole share register

Status

The status screen contains maintenance options for the Share Register of the selected client which will rarely require access or alteration. Information available within this screen:

Data is good for accounts and the From year end date that is related to, this information can be amended by clicking the Choose Y/E option to select a year end. Data is good for accounts, restricts the use of the Accounts Production data screens for the share capital and dividends for the year end in the From Y/E date field and any account periods after that.
Bridging has been attempted, there will be a tick in the box if bridging has been attempted. To re-run the bridging process, all the Transactions, Events, Dividends and Share types need to be deleted and the tick removed from this screen. Next time the Share Register is entered, the prompt on whether to bridge the share details for this client is shown. Click Yes for the bridge can be attempted again.
The Highest Share Certificate Number depends on how many share certificates have been prepared. The automation of the share certificate numbers is based on the transactions that have been entered into the Share Register.
Set by shows which login set the information on the screen and who it was updated by (if any changes are made) with the date and time.
Delete allows the whole register to be deleted but only by ‘super-users’. To be used with care, this procedure is irreversible.