Osborne Clarke
13 Experts
6 Contributions by Osborne Clarke Experts
PRACTICE NOTES
UK tax-advantaged share options
UK tax-advantaged share options are issued under written agreements that meet the statutory conditions set out in Part 7 and the pertinent Schedules of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003) legislation. To secure the favourable tax treatment available, those arrangements must fully align with, and continue to satisfy, the applicable provisions of ITEPA 2003 throughout.
The main categories of tax-advantaged share option plans are as follows:
enterprise management incentives (EMI) schemes
company share option plans (CSOPs)
save as you earn (SAYE) schemes
There are occasions, from time to time, when a company (or the option holder) may look at varying options that have already been granted and are in place. These may include, without limitation, situations where:
the option has been drafted to lapse in specified scenarios (eg where the option holder leaves employment with the company for a
Share Incentives
PRACTICE NOTES
What is a turbine supply agreement (TSA)?
The turbine supply agreement (TSA) is a pivotal element within the contractual structure for both onshore and offshore wind farms. This note considers key aspects of a TSA and how it fits within the wider suite of contracts used to construct, operate and maintain a wind farm. Wind farms are made up of individual wind turbine generators (each a WTG) that produce renewable power. A typical WTG includes a nacelle—positioned at the top of the tower and housing the generating components—together with other essential parts:
Blades
Tower
Control and data equipment
Generator
Switchgear
A TSA usually covers the design, manufacture and delivery to site of these components, as well as the commissioning and performance of each WTG. The agreement may take a bespoke form or an amended standard form, tailored to the
Energy
PRACTICE NOTES
This Practice Note provides guidance on putting sustainable procurement into practice under Directive 2014/24/EU. It outlines key methods, including using labels within technical specifications and carrying out sustainability assessments at the selection and award stages, to achieve this. It further looks at performance requirements as a means of factoring in environmental and social aspects, and highlights the use of these tools to embed such outcomes.
Promoting sustainable development via public procurement
Directive 2014/24/EU (the EU Public Sector Directive) derives its authority from the Treaty on the Functioning of the EU (TFEU), which mandates that environmental protection duties are integrated into the design and delivery of the EU’s policies and activities, in particular to promote sustainable development.
When implementing its policies, the EU must also consider:
guaranteeing adequate social protection (Article 8 TFEU)
tackling discrimination and social exclusion (Article 9
EU Law
PRACTICE NOTES
STOP PRESS:
From 24 February 2025, the key provisions of the Procurement Act 2023 (PA 2023) have commenced. Any procurement launched on or after this date must follow PA 2023, while procurements initiated under the earlier framework—the Public Contracts Regulations 2015 (PCR 2015), the Utilities Contracts Regulations 2016, the Concession Regulations 2016, and the Defence and Security Public Contracts Regulations 2011—must continue to be conducted and overseen under those rules. Refer to Practice Note: Introduction to the Procurement Act 2023—PA 2023.
PCR 2015 as assimilated law
PCR 2015 are EU-derived domestic legislation and therefore constitute assimilated law under sections 2 and 6 of the European Union (Withdrawal) Act 2018. For practical guidance on the status and interpretation of assimilated law, see Practice Note: Assimilated law.
Promoting sustainable development via public procurement
Historical EU context
The Public Contracts Regulations 2015 (PCR 2015), SI 2015/102, implemented Directive
Local Government
PRACTICE NOTES
What are performance conditions and why might they need amending?
A performance condition is a pre-determined requirement that must be met before an award holder can realise value from an option or award, and is therefore usually tied to vesting or, where relevant, the exercisability of the option. These conditions may cover a range of measures, most commonly:
overall performance of the company
results of a particular division or business unit (ie the area in which the employee works)
the individual performance of the employee award holder
the performance of a specific team (whether a project team or a permanent team)
Performance conditions can be set on an absolute or relative basis. For instance, company performance measures might be absolute (assessed against the company’s own targets) or relative (benchmarked against a peer group or a market index such as the FTSE 100). For
Share Incentives
CHECKLISTS
STOP PRESS:
From 24 February 2025, the principal provisions of the Procurement Act 2023 (PA 2023) take effect. Procurements initiated on or after that date must proceed under PA 2023, while those started under the former regime—the Public Contracts Regulations 2015 (PCR 2015), the Utilities Contracts Regulations 2016, the Concession Regulations 2016, and the Defence and Security Public Contracts Regulations 2011—must continue to be conducted and administered in accordance with that legislation. See Practice Note: Introduction to the Procurement Act 2023—PA 2023.
PCR 2015 as assimilated law
PCR 2015 are EU-derived domestic legislation and therefore constitute assimilated law under sections 2 and 6 of the European Union (Withdrawal) Act 2018. For practical guidance on the status and interpretation of assimilated law, see Practice Note: Assimilated law...
Local Government
If you expected to see yourself on this page, click here.
