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Share incentives update: EBT TRS de minimis consultation, April NICs cuts, FCA UK Listing Rules reforms (tranche 2), and HMRC stamp taxes manual changes—14 March 2024

Published on: 14 March 2024

Published by a LexisNexis Share Incentives expert
Legal News
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In this issue:

  • Employee Benefit Trusts
  • Tax treatment
  • Company law, governance and regulatory matters
  • HMRC Manuals tracker
  • Useful Information
  • Weekly highlights from other practice areas

Employee Benefit Trusts

HMT consults on the effectiveness of the MLRs

HM Treasury (HMT) has launched a consultation reviewing how effective the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, are that place obligations on a wide spectrum of businesses to identify, detect and deter money laundering and terrorist financing. Responses are invited by 9 June 2024, and the consultation covers four core themes, including possible reforms to the Trust Registration Service (TRS) rules—signalling an intention to concentrate registration duties on the highest‑risk trusts. A proposal likely to interest Share Incentives practitioners is a potential de minimis exemption from TRS registration. Under this, a trust would not need to register if all the following conditions are met:

  • the trust is not liable for relevant UK taxes
  • the trust does not own, or have an interest in, UK land / real property
  • the trust holds no more than £5,000 in assets...

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