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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 Sole traders, informal partnerships and outdated partnership deeds are common.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 Tax treatment Corporate governance Trackers Dates for your diary Weekly highlights from other practice areas Budgets, Autumn Statements and Finance Bills Treasury announces date of ‘ Legislation Day’ Draft legislation for the Finance Bill 2026 will be issued on Monday 21 July 2025. In a written statement, James Murray, Exchequer Secretary to the Treasury, confirmed that the UK Government will publish draft clauses on that date, capturing policy changes already trailed. Alongside the draft text, there will be explanatory notes, tax information and impact notes, consultation responses and other supporting documents. The UK Government’s Tax Policy Making Principles paper also reaffirms consulting on draft Finance Bill measures over the summer, together with an intention, where appropriate, to release technical consultations at other points in the cycle far enough ahead of the Finance Bill’s introduction to ease demands on...
In this issue: Tax treatment Corporate governance Employee benefit trusts Trackers Useful information Dates for your diary Weekly highlights from other practice areas Tax treatment HMRC publishes employee share schemes statistics for the tax year ending 2024 HMRC has released statistics for the tax year ending 2024 covering tax-advantaged employee share schemes—company share option plans ( CSOPs), enterprise management incentives ( EMI), save as you earn ( SAYE) and share incentive plans ( SIPs). Drawn from share scheme returns data, the figures set out how many companies currently operate such schemes, the numbers of employees receiving grants or the volume of awards made, the aggregate values granted, how many employees go on to exercise options and HMRC’s estimates of the income tax and national insurance contributions ( NICs) relief obtained......
In this issue: Tax treatment Company law and regulatory matters Employee benefit trusts Corporate governance Useful information Dates for your diary Weekly highlights from other practice areas Tax treatment Reminder— Annual share schemes returns filing deadline is 6 July 2025 If a company operates a tax-advantaged or non-tax-advantaged employee share scheme under which UK participants acquire shares or share-based awards, an online annual return must be submitted to HMRC for that scheme. The deadline to file annual share scheme returns for the 2024–25 tax year is 6 July 2025, and a scheme must already be registered with HMRC before a return can be lodged. HMRC has made available templates, guidance and technical notes detailing the information to be included in the return. There is a separate template for each category of scheme, so it is essential to select the...
In this issue: Corporate Governance New content HMRC Manuals tracker Useful information Dates for your diary Weekly highlights from other practice areas Corporate Governance Lion Finance Group PLC faces investor dissent over executive pay At this week’s AGM, Lion Finance Group PLC encountered pushback from investors on executive pay, with more than 22% voting against the Directors’ Remuneration Policy; nonetheless, the motion passed with a majority of votes cast overall. Under the refreshed Policy, the CEO’s base pay rises by 35% and will be held at that level for 2025–27; the company stresses this uplift trails both the average employee increase and profit expansion since 2022, and will stay fixed for the policy term. The updated policy also introduces a potential annual variable award capped at 200% of salary, reserved for extraordinary performance and triggered only when total...
In this issue: Company law and regulatory HMRC Manuals tracker Useful information Dates for your diary Weekly highlights from other practice areas Company law and regulatory FCA publishes final rules for the PISCES sandbox to allow trading in private company shares The Financial Conduct Authority ( FCA) has released policy statement PS25/6, setting out the final rules for the Private Intermittent Securities and Capital Exchange System ( PISCES)—a facility enabling intermittent trading of shares in private companies. The model will operate as a sandbox, permitting the FCA to test the framework ahead of a permanent regime targeted for 2030. The sandbox is open, and prospective operators should seek a PISCES approval notice from the FCA. Once approved, they may conduct intermittent trading events. The FCA and HM Treasury will assess the sandbox’s impact using indicators such as the volume of...
In this issue: Corporate Governance New content Trackers Useful information Dates for your diary Weekly highlights from other practice areas Corporate Governance LSL Property Services PLC faces investor pushback on executive remuneration At this week’s general meeting, LSL Property Services PLC encountered significant shareholder resistance to its executive pay proposals. More than 35% of votes were lodged against both the suggested amendments to its Directors’ Remuneration Policy and the company’s new long‑term incentive plan ( LTIP). Nevertheless, each item still passed, receiving majority backing from those who voted. Under the LTIP, participants will benefit from the company’s value creation over a five‑year performance period. The total award pool is linked to up to 10% of the rise in the company’s equity value, calculated from a baseline share price of £2.78—the average share price in January 2025......
In this issue: Employee Benefit Trusts Tax treatment Company law and regulatory Corporate Governance Dates for your diary Weekly highlights from other practice areas Employee Benefit Trusts HMRC: Qualitative Evaluation of Employee Ownership Trusts HMRC has released an evaluation of employee ownership trusts ( EOTs), examining how far tax reliefs encourage owners to move to employee ownership. Run by Ipsos from December 2023 to February 2024, it drew on 30 in-depth interviews with trustees of EOT companies, including some former owners, covering motivations for adopting an EOT and their experiences of the transition. The evaluation focused on three areas: the influence of each of the three EOT tax reliefs, at consideration and post-transition how operating an EOT shapes corporate strategy, objectives and organisational structure effects on employees, notably engagement and access to work-related...
In this issue: Company law and regulatory Corporate Governance Useful information Dates for your diary Weekly highlights from other practice areas Company law and regulatory PISCES: legislation will allow for amendments to existing EMI and CSOP options The government has published the Financial Services and Markets Act 2023 ( Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025, SI 2025/583. These create the legal framework for PISCES and, for a PISCES company, allow trustees of the company’s EBT or SIP and the company’s employees and directors, or those of any group member, to participate in a PISCES arrangement. In addition, the government has signalled that the next Finance Bill will permit employers, with the employee’s consent, to amend existing enterprise management incentives ( EMI) and company share option plan ( CSOP) contracts to add a PISCES trading event as an...
In this issue: SAYE Corporate Governance Employment issues New and updated content Useful information 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 set revised bonus rates and an updated early leaver rate for Save As You Earn ( SAYE) schemes, which will apply to new invitations issued from 23 May 2025. This update follows HMRC’s 2023 introduction of an automatic SAYE bonus rate mechanism linked to the Bank of England base rate (see: Share Incentives weekly highlights—1 June 2023— SAYE Schemes). After the Bank of England altered its base rate, HMRC has confirmed the following SAYE figures: Three-year SAYE savings contract bonus: 0.7 multiplied by one monthly contribution Five-year SAYE savings contract bonus: 1.9 multiplied by one monthly...
In this issue: Corporate Governance Dates for your diary Weekly highlights from other practice areas Corporate Governance Plus500 loses vote against remuneration report at AGM Plus500, a global multi-asset fintech that operates proprietary, technology-led trading platforms, did not secure shareholder support for its Directors’ Remuneration Report ( DRR) for the year ended 31 December 2024. At the AGM on 6 May 2025, just 48.64% of votes cast were in favour of approving the DRR. This substantial level of opposition follows last year’s AGM, where only 34% of votes backed the DRR, with the company also failing to achieve a majority in favour at its AGMs in both 2023 and 2022. The DRR for the year ended 31 December 2024 records that the CEO and CFO each received remuneration packages exceeding $4.9m for the 2024 financial year, rising from $3.7m in 2023......
In this issue: Tax Treatment Corporate Governance Updated content Useful information Dates for your diary Weekly highlights from other practice areas Tax Treatment Tax update spring 2025: simplification, administration and reform HMRC has unveiled a suite of measures focused on tax and customs administration and simplification. The package spans new consultations, published outcomes, calls for evidence, announcements and related materials. Of these, the points below are expected to be of particular relevance to share incentives specialists: Employment Related Securities changes — from 1 May 2025 a streamlined route will apply for making a joint election to shift an employer’s NICs liability triggered by certain chargeable events linked to employment-related securities or options, removing the need for the employer to send the election form to HMRC for pre-approval when using the GOV. UK template form ...
Key business tax announcements include: draft laws to overhaul UK provisions on transfer pricing, permanent establishments and the diverted profits tax a consultation proposing to extend transfer pricing rules to medium-sized businesses and to impose fresh reporting obligations on multinational groups for cross-border related-party dealings plans to create a working group to streamline and enhance administration of the Corporate Interest Restriction the government’s reply to the consultation on modernising the stamp duty on shares regime, plus a further consultation on elements of the 1.5% higher rate charge on certain overseas transfers of UK securities a consultation exploring reforms to HMRC’s dispute resolution approach, and the government’s response on tackling non-compliance, both within the Tax Administration Framework Review changes aimed at narrowing the range of capital assets captured by the VAT Capital Goods Scheme a 12-month deferral of the move to mandatory payrolling of benefits in kind and...
In this issue: Company law and regulatory Corporate governance Q& As Trackers Dates for your diary Weekly highlights from other practice areas Company law and regulatory PISCES: FCA shares update on framework for regulated trading venue for private company shares The Financial Conduct Authority has issued an update on its Private Intermittent Securities and Capital Exchange System sandbox, building on proposals in consultation paper CP24/29 (for background, see News Analysis: Share Incentives weekly highlights—19 December 2024— Regulatory). Final rules are expected in June 2025, with applications to the PISCES sandbox opening shortly afterwards. Prospective operators can access pre‑application support to obtain early feedback on proposed operating models and draft rulebooks. The FCA’s note offers initial insights into stakeholder responses and how these could influence the final rules, subject to approval by the FCA Board. The regulator also plans to propose technical adjustments to ensure PISCES better aligns with private market...
In this issue: Company law and regulatory matters Corporate governance Tax treatment Useful information Trackers Dates for your diary Weekly highlights from other practice areas Company law and regulatory matters Companies ( Directors’ Remuneration and Audit) ( Amendment) Regulations 2025 published The Companies ( Directors’ Remuneration and Audit) ( Amendment) Regulations 2025 ( SI 2025/439) have been issued and will take effect on 11 May 2025, having previously been laid for sifting last month (see News Analysis: Share Incentives weekly highlights—6 March 2025— Company law and regulatory matters). They remove most of the 2019 reporting obligations imposed on quoted companies in relation to directors’ remuneration, introduced to implement aspects of EU Directive 2017/828 (the revised Shareholder Rights Directive). This change reflects substantial overlap with pre‑2019 UK rules on directors’ pay reporting that remain in force and continue to apply. The...
In this issue: Employee benefit trusts Corporate governance Tax treatment International share schemes and incentives Trackers Dates for your diary Weekly highlights from other practice areas Employee benefit trusts Independent Loan Charge Review: Call for Evidence Following the recent confirmation of a fresh independent review of the loan charge (see News Analysis: Share Incentives weekly highlights—30 January 2025— Employee benefit trusts), the government has issued a call for evidence as part of that process, directed at those still within scope of the loan charge and their advisers. The notice states that the review panel is seeking further information to inform its work—especially documentary material, including copies of marketing materials, letters and emails circulated by scheme promoters. Submissions must be made by 12 noon on 30 May 2025. For background on the loan charge, see Practice Note: Disguised...
In this issue: Budgets, Statements and Finance Bills Tax treatment Corporate governance Regulatory matters Dates for your diary Weekly highlights from other practice areas Budgets, Statements and Finance Bills Spring Statement 2025 On 26 March 2025, the Chancellor, Rachel Reeves, presented the government’s Spring Statement. From a Share Incentives standpoint, the standout news was a policy paper detailing HMRC’s approach to the treatment of companies and employees trading shares on the Private Intermittent Securities and Capital Exchange System ( PISCES). The Treasury plans to lay a statutory instrument before Parliament in May 2025 to establish the legal framework for the PISCES Sandbox. Once that legislation has been laid, the Financial Conduct Authority will release its rules, and the PISCES Sandbox will come into being. Key points in the policy paper (available here) include: where, at the point an employee acquires shares, arrangements are in place for those shares to be traded on a PISCES...
In this issue: Budgets, Autumn Statements and Finance Bills Corporate governance New and updated content Useful information HMRC Manuals tracker Dates for your diary Weekly highlights from other practice areas Budgets, Autumn Statements and Finance Bills Finance Bill 2025 completes all Parliamentary stages The Finance Bill 2025 has now progressed through all Parliamentary stages, with the Third Reading taking place on 19 March 2025. At publication, Royal Asset is scheduled for 20 March 2025. For insight into the provisions in the Finance Bill 2025 of greatest relevance to share incentives practitioners, refer to News Analysis: Share Incentives weekly highlights—14 November 2024— Budgets, Autumn Statements and Finance Bills. See Finance Bill 2025. 19 March 2025... Corporate governance Centrica plc sets out amendments to its directors’ remuneration policy Within its 2024 annual report, Centrica plc outlines amendments to its new...
In this issue: Tax treatment Corporate governance HMRC Manuals tracker Dates for your diary Weekly highlights from other practice areas Tax treatment HMRC’s official rate of interest rises to 3.75% Under the Taxes ( Interest Rate) ( Amendment) Regulations 2025, SI 2025/270, the generally applicable official rate increases from 2.25% to 3.75% per annum with effect from 6 April 2025. The rate is relevant when determining tax on employment-related beneficial loans, and for notional loans under Chapter 3C of Part 7 of the Income Tax ( Earnings and Pensions) Act 2003 where employment-related securities are acquired for less than market value. For a full list of relevant tax and other rates, see Practice Note: Tax and other rates which are relevant to share incentives. For guidance on the beneficial loan charge, see Practice Note: Tax issues on the provision of loans to...
In this issue: Corporate governance Company law and regulatory matters Useful information Dates for your diary Weekly highlights from other practice areas Corporate governance GSK plc and BAE Systems plc unveil new directors’ remuneration policies FTSE100 groups GSK plc and BAE Systems plc have released updated directors’ pay frameworks within their 2024 annual reports, each proposing meaningful rises for their CEOs. GSK plc has emphasised that its chief executive’s overall package sits below the lower quartile of its global biopharma peer set across all compensation metrics, with the sole exception of base pay, where she remains below the median. Accordingly, the CEO’s base pay will rise by 5%, and her on-target annual bonus will move from one times to 1.5 times salary, with the cap remaining three times salary under the new arrangements. The CEO’s LTIP award maximum will lift from six to...
In this issue: Corporate governance Budgets, Autumn Statements and Finance Bills Useful information Dates for your diary Weekly highlights from other practice areas Corporate governance New law to ban bonuses for polluting water bosses The Water ( Special Measures) Act 2025 has obtained Royal Assent, enhancing regulators in the water industry as they robustly combat pollution. It grants Ofwat the clear ability to prohibit bonus payments to water executives where they fall short of stringent expectations to safeguard the environment, their customers and their company’s financial health overall. See: Water ( Special Measures) Act 2025 and New law to ban bonuses for polluting water bosses. 24 February 2025 Standard Chartered announces new executive pay policy Following comparable updates last week from HSBC Holdings plc and Nat West Group plc (see News Analysis: Share Incentives weekly highlights—20 February 2025— Corporate...
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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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