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R (Greyhound Board of Great Britain Ltd) v Welsh Ministers [2026] EWHC 670 (Admin) What are the practical implications of this case? The ruling reinforces the constitutional divide between the courts and the legislature. It explains that the scheme and framework of the Government of Wales Act 2006 (GWA 2006) embody that separation of powers, and that any judicial attempt to recognise and enforce a common law obligation on Welsh Ministers to consult prior to introducing legislation in the Senedd would trespass upon that boundary. This is not a departure from established principle; case law has already upheld comparable rules for lawmakers in Scotland and at Westminster. However, this is the first express confirmation of the position for Welsh lawmakers, and the first time this dimension of the GWA 2006 has been analysed in such depth. The court examined earlier
The solution arrived through the United Nations Compensation Commission (UNCC), a quasi‑judicial body handling mass claims, created under UN Security Council Resolution 687. By addressing environmental harm—most notably via its ‘F4’ claim class—the UNCC set a seminal benchmark shaping how international law and contemporary arbitral panels allocate financial responsibility for wartime ecological devastation. With present-day wars in areas such as Eastern Europe and the Middle East bringing dam breaches, strikes on chemical facilities, and the burning of farmland, the UNCC’s legacy endures as an essential reference point for states, global investors, and companies engaged in post‑conflict arbitration. The F4 claims: Quantifying the unquantifiable Prior to the 1990s, mechanisms in international law for war reparations overwhelmingly favoured property loss, foregone earnings, and bodily injury. The natural world was commonly treated as a mute, non-compensable victim of armed hostilities...
Understanding the farming business as a business Many farms still use long-standing structures that arose by habit, not strategy. Sole traders, informal partnerships and outdated partnership deeds are common. While once effective, such setups can cause major issues around succession, tax planning and involving the next generation. A corporate team can take a fresh, business-led view of the farm, asking: Who owns the land and other critical assets? Who manages daily operations? Who carries the risk and who enjoys the return? What is the enduring plan for succession? From this review, the team can confirm whether the current setup is fit for purpose or if an alternative — for example an updated partnership agreement, a company, a limited liability partnership, or a blended model — would better meet the family’s aims. Tax efficiency through joined-up advice Tax sits at the centre of most
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In this issue Budgets, Autumn Statements and Finance Bills Company law, governance and regulatory matters New content Trackers Weekly highlights from other practice areas Budgets, Autumn Statements and Finance Bills Budget 2025 The Chancellor, Rachel Reeves, presented the government’s Budget on 26 November 2025. From a Share Incentives standpoint, the key update was: Employee ownership trusts: with immediate effect for disposals on or after 26 November 2025, capital gains tax ( CGT) relief on qualifying transfers of shares to the trustees of an Employee Ownership Trust ( EOT) falls from a 100% exemption to 50%. Draft legislation has been released for inclusion in Finance Bill 2025–26. Section 236H of the Taxation of Chargeable Gains Act 1992 will be amended so that, where the disposal relief conditions are satisfied, 50% of the gain is treated as a chargeable gain of the disposing shareholder for CGT. Business Asset Disposal Relief and...
On 26 November 2025, Rachel Reeves, the Chancellor of the Exchequer, presented the Labour administration’s second Budget, widely referred to simply as Budget 2025. On the same day, the Office for Budget Responsibility ( OBR) set out its economic and fiscal outlook for the UK. Proceedings opened poorly, and chaotically, with an OBR forecast leaking amidst a slew of prior government-led briefings and the release of a frustratingly static index of ‘ Budget 2025 tax related documents’ to which hyperlinks were not inserted until close to 8pm, together with a piecemeal, stop‑start publication of tax information across scattered web pages, sending readers on a fruitless treasure hunt for clarity or coherence and with no appearance whatsoever of the Overview of Tax Legislation and Rates ( OOTLAR). Headline measures comprised, among other items, extending, for another three years to April 2031, the existing...
In this issue: Save As You Earn Corporate governance Useful information Dates for your diary Weekly highlights from other practice areas Save As You Earn HMRC updates guidance on SAYE savings arrangements and deductions from pay HMRC has revised its guidance at ETASSUM34120 to confirm that employees cannot use third‑party loans or other finance to boost the amounts saved under an SAYE scheme. The scheme must instead be operated in line with the SAYE prospectus, which specifies that contributions are made via deductions from pay. This further clarification appears to respond to market products where participants receive an immediate refund of monthly contributions from a third party funder, in exchange for an arrangement fee and a share of any profit ultimately realised when the SAYE option is exercised and the shares are sold. For more detail on the...
In this issue: Tax treatment Corporate governance Useful information Dates for your diary Weekly highlights from other practice areas Tax treatment HMRC publishes Employment Related Securities Bulletin 61 HMRC has released Employment Related Securities Bulletin 61, outlining updates on several share incentive topics. These include: Private Intermittent Securities and Capital Exchange System ( PISCES): The bulletin reminds readers of draft legislation enabling existing company share option plan ( CSOP) and enterprise management incentives ( EMI) agreements to be amended so that sales on a PISCES platform qualify as exercisable events without losing tax advantages. It highlights that the legislation remains in draft form, is subject to change, and applies only to existing CSOP and EMI contracts granted on or before Royal Assent of the Finance Bill 2025–26. For options granted after that date, a PISCES sale should be specified as an exercisable event in the option terms at grant, just as with any other...
In this issue: Company law, governance and regulatory matters New content Useful information Dates for your diary Weekly highlights from other practice areas Company law, governance and regulatory matters FRC updates guidance on UK Corporate Governance Code in relation to remuneration The Financial Reporting Council has revised the section of its UK Corporate Governance Code guidance covering non-executive directors’ remuneration to clarify the position on share-based pay for NEDs. The Code itself is unchanged, but the guidance underscores that the existing ‘ Comply or Explain’ principle gives companies latitude when designing NED fee arrangements; nevertheless, performance-related pay for NEDs remains unacceptable. These changes follow last month’s HM Treasury announcement—within its Regulation Action Plan—that the FRC would update its guidance to confirm that paying NEDs in shares is appropriate (see News Analysis: Share Incentives weekly highlights—23 October 2025— Company law,...
In this issue: Company law, governance and regulatory matters New content Dates for your diary Weekly highlights from other practice areas Company law, governance and regulatory matters HM Treasury Regulation Action Plan includes simplified remuneration reporting and discontinuance of IA register The UK Government has set out sweeping measures to streamline corporate reporting under its Regulation Action Plan. The package targets a 25% reduction in business red tape (£5.6bn a year) and a modernised reporting regime, with legislation to strip out duplication across company accounts and directors’ reports. Planned headline changes include: companies will no longer need to prepare a directors’ report; some requirements will be abolished outright, with others repositioned elsewhere within the annual report, and most medium-sized private companies and wholly owned subsidiaries will no longer have to produce a strategic report These sit alongside implemented reforms that widen company size...
In this issue: Tax treatment Remuneration issues for financial services firms Budgets, Autumn Statements and Finance Bills Useful information HMRC Manuals tracker Dates for your diary Weekly highlights from other practice areas Tax treatment HMRC publishes minutes from the Share Schemes Forum held on 3 July 2025 HMRC has released the minutes from the Share Schemes Forum meeting on 3 July 2025. The Forum provides a platform for open discussion between HMRC and representative bodies on policy, operational and procedural matters relating to tax and employment-related securities. The minutes mainly summarise developments that HMRC has subsequently issued, notably concerning the impact of PISCES on tax-advantaged share plans (for the current position, see Practice Note: PISCES and share incentive arrangements). They also record the following additional points: HMRC’s work to update guidance on the exercise of...
In this issue: Corporate governance Budgets, Autumn Statements and Finance Bills New content Useful information Dates for your diary Weekly highlights from other practice areas Corporate governance ISS- Corporate reviews UK 2025 AGM season amid new remuneration guidance ISS- Corporate, part of Institutional Shareholder Services, has issued its analysis of the 2025 AGM season across the UK and Ireland, noting heightened scrutiny of executive remuneration. This shift is influenced in part by the Investment Association’s updated Principles of Remuneration ( October 2024) and the latest Quoted Companies Alliance ( QCA) Corporate Governance Code, which now advises submitting the annual remuneration report to an advisory shareholder vote. Key observations included: Across the FTSE 350, remuneration policies continued to attract robust shareholder backing (with no policy failures in five years); nevertheless, three remuneration reports were rejected in 2025 due to concerns about...
In this issue: Corporate governance Tax treatment HMRC Manuals tracker Dates for your diary Weekly highlights from other practice areas Corporate governance Babcock suffers investor dissent over executive pay FTSE 100–listed Babcock International Group PLC faced significant shareholder resistance to its executive remuneration at this week’s general meeting. Over 32% of votes went against the Directors’ Remuneration Policy, and more than 32% also opposed amendments to the performance share plan ( PSP), though in each instance a majority of those voting backed the resolutions. Under the plans, the PSP—which delivers annual equity awards that vest after three years based on a scorecard of performance targets—would gain an additional absolute Total Shareholder Return ( TSR) ‘kicker’ for awards granted from the 2026 financial year. Consequently, once the existing ‘core’ scorecard has determined vesting of the current ‘core’...
In this issue: Budgets, Autumn Statements and Finance Bills Dates for your diary Weekly highlights from other practice areas Budgets, Autumn Statements and Finance Bills CIOT responds to consultation on modernising and mandating tax adviser registration with HMRC The Chartered Institute of Taxation ( CIOT) has issued its submission to the consultation on proposals in the Draft Finance Bill 2025–26 to modernise and require tax adviser registration with HMRC. In that paper, the CIOT affirms its backing for higher standards across the tax advice market, yet urges postponing implementation until at least April 2027 to allow further consultation. It also notes the draft law requires refinement and, should the April 2026 start date be retained, calls on HMRC to trial and validate any changes with stakeholders and to issue guidance that is clear and timely. The CIOT outlines a broad set of...
In this issue: Corporate governance New content Useful information Dates for your diary Weekly highlights from other practice areas Corporate governance Berkeley Group suffers investor dissent over executive pay Berkeley Group Holdings PLC encountered opposition from investors to its executive pay at this week’s general meeting. More than 22% voted against the Directors’ Remuneration Policy and over 20% opposed the new performance share plan ( PSP), though each resolution still passed by a shareholder majority. The revised policy swaps the former restricted share awards for a PSP, reinstating annual bonuses (none have run since 2018/19). Bonuses may reach up to 200% of salary. Under the PSP, the CEO is set to receive yearly awards of 400% of salary and the CFO 250%. Any new executive directors could receive up to 300% per annum. Bonus and PSP vesting will hinge on TSR:...
In this issue: Budgets, Autumn Statements and Finance Bills Employee benefit trusts Useful information Dates for your diary Weekly highlights from other practice areas Budgets, Autumn Statements and Finance Bills Budget date confirmed for 26 November 2025 Rachel Reeves, the Chancellor of the Exchequer, has announced that the Budget will be held on Wednesday 26 November 2025. For details, see House of Commons Written Statement HCWS902. 3 September 2025 Employee benefit trusts HM Treasury publishes policy note and draft regulations on reforming the Money Laundering regime HM Treasury ( HMT) has issued a policy note outlining proposed changes to the Money Laundering, Terrorist Financing and Transfer of Funds ( Information on the Payer) Regulations 2017 ( MLRs 2017), SI 2017/692, alongside the draft Money Laundering and Terrorist Financing ( Amendment and Miscellaneous Provision) Regulations 2025. The proposals set out targeted updates to the MLRs 2017, SI...
Global Data (formerly known as Progressive Digital Media On 26 August 2025, the High Court held that Global Data could not resile from assurances that Andrew Dixon would still be permitted to exercise his share options after he was dismissed for not meeting performance targets. Judge James Brightwell rejected the company’s contention that its former chief executive had failed to inform Dixon that the options would remain effective. He characterised the refusal to honour the assurances given in autumn 2014 as unconscionable and considered the claimant entitled to a remedy. Dixon commenced legal proceedings in 2023, asserting that Global Data had gone back on an agreement allowing him to exercise share options......
In this issue: Employment issues New content Company law and regulatory Trackers Dates for your diary Weekly highlights from other practice areas Employment issues Option holder denied chance to exercise options entitled to relief based on proprietary estoppel The High Court has ruled on a claim by Mr Andrew Dixon against Global Data plc concerning share options under the company’s unapproved employee share option plan (the Plan). Between January 2006 and 31 December 2014, Mr Dixon worked for Canadean Limited, which became a subsidiary of Global Data after its purchase in September 2010. He received 400,000 options in January 2011 under the Plan. In September 2014, he was notified that his employment would end. After talks with senior management, his termination date was moved to the end of December 2014 on amended terms. The Court found that the then CEO, Mr Simon Pyper, had assured him that his options would “vest in line with...
How have plans for UK data protection reform evolved since Brexit? Since Brexit, the UK’s approach to data protection reform has ebbed and flowed markedly, with successive governments seeking to carefully balance innovation, economic growth and individuals’ rights. The Conservative government aimed to pivot to a GDPR ( General Data Protection Regulation) lite regime by introducing the Data Protection and Digital Information Bill. That bill outlined a series of business‑friendly amendments to existing data protection rules and progressed reasonably well through parliament, only to be ultimately shelved following a change of government in 2024. Once in office, the Labour‑led administration reignited the agenda, bringing forward the Data ( Use and Access) Bill ( DUAB). While retaining the core UK GDPR framework, DUAB set out targeted reforms that indicate a shift towards a more UK‑specific regime centred on data‑driven innovation, enhanced public services and strong data...
In this issue: SAYE Employee Ownership Trusts Dates for your diary Weekly highlights from other practice areas SAYE Change in bonus rates for Save As You Earn ( SAYE) share option schemes HMRC has confirmed updated bonus rates and a revised early leaver rate for Save As You Earn ( SAYE) schemes, applying to new invitations from 22 August 2025. This follows HMRC’s 2023 launch of an automatic SAYE bonus rate mechanism, calculated by reference to the Bank of England base rate (see: Share Incentives weekly highlights—1 June 2023— SAYE Schemes). After the Bank of England changed its base rate, HMRC has set the following SAYE rates: three-year SAYE savings contract bonus: 0.5 times one monthly contribution five-year SAYE savings contract bonus: 1.5 times one monthly contribution early leaver rate: 0.67% These revised rates come into force on 22 August 2025....
In this issue: New content Corporate governance Trackers Useful Information Dates for your diary Weekly highlights from other practice areas New content New Q& A When a CSOP company faces a takeover, can there be a partial rollover of its CSOP options, and might that be extended only to selected CSOP option holders rather than universally? Corporate governance Zegona Communications CEO receives £129m bonus Reports note that the CEO of Zegona Communications plc received a £129m bonus last year, together with annual pay and benefits approaching £2m, making him the highest‑paid chief executive of a London‑listed company. Zegona’s operations chief also took home a total package worth £66m. The awards followed Zegona’s purchase of Vodafone’s Spanish business last year. As set out in Zegona’s annual report, the awards arose under the company’s long‑standing management share incentive scheme, intended to deliver ongoing...
In this issue: Corporate Governance Useful Information Dates for your diary Weekly highlights from other practice areas Corporate Governance ISS Governance launches 2025 Global Benchmark Policy Survey Institutional Shareholder Services ( ISS) Governance has opened its 2025 Global Benchmark Policy Survey, a central element of its annual policy-setting process that could inform ISS policy updates for 2026. The survey covers a range of governance matters, including board governance, and spotlights non-executive director pay and executive compensation, as well as hybrid equity incentive plans in the UK. The deadline for responses is 22 August 2025. Following analysis of the submissions, ISS will launch a public consultation to collect views on the key policy proposals for 2026, with final revisions expected later in 2025. See: Institutional Shareholder Services Governance launches 2025 Global Benchmark Policy Survey. 24 July 2025 WTW report on the rise of ESG-linked incentives in European and UK...
In this issue Budgets, Autumn Statements and Finance Bills Employee benefit trusts Corporate Governance Useful Information Dates for your diary Weekly highlights from other practice areas Budgets, Autumn Statements and Finance Bills Legislation Day: Draft Finance Bill 2026 On Legislation Day, 21 July 2025, the government set out draft clauses for Finance Bill 2026 ( FB 2026, also referred to as Finance Bill 2025–26), together with explanatory notes and other supporting documents. The technical consultation on the draft legislation will run until 15 September 2025. FB 2026 is expected to be brought before Parliament after the Autumn Budget 2025 (date to be confirmed) and to secure Royal Assent in spring 2026. Most of the principal business tax measures had already been announced at Autumn Budget 2024 or the Spring Statement 2025......
In this issue: Share plan reporting New and updated content Trackers Useful Information Dates for your diary Weekly highlights from other practice areas Share plan reporting HMRC requires share plan reporting even for tax-exempt short-term business visitors On 10 July 2025, HMRC amended ERSM140030 (see: Trackers below) to set out its position on share plan reporting for short-term business visitors ( STBVs). EP Appendix 4 ( PAYE82000) does not lessen or remove ERS reporting duties. Consequently, if a UK company or UK branch is a responsible person under section 421L of the Income Tax ( Earnings and Pensions) Act 2003 ( ITEPA 2003), any events that are reportable under ITEPA 2003, s 421K must be returned, regardless of how many UK workdays are in point. Where an STBV qualifies for UK income tax exemption under a double tax treaty on...
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When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...
This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...
Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...
I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...
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