Featured documents
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 Sole traders, informal partnerships and outdated partnership deeds are common.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
Most recent News
In this issue: Company law and regulatory Corporate Governance Weekly highlights from other practice areas Company law and regulatory FCA Primary Market Bulletin 49—updated review on LTIP reporting Following the Financial Conduct Authority’s ( FCA) publication last month of Primary Market Bulletin 49, which assessed how 25 premium listed companies met long-term incentive plan ( LTIP) disclosure requirements under the Listing Rules ( LR) (see News Analysis: Share Incentives weekly highlights—23 May 2024— Company law and regulatory), the FCA has now released an updated version of its conclusions. While the original note had identified certain LR disclosure shortcomings among some of those issuers, the revised bulletin now records that the FCA ‘established high levels of compliance with the rules’. For instance, the earlier report indicated that only 10 of the 25 companies seeking approval for a new or revised LTIP had issued a...
In this issue: Tax treatment Corporate Governance Useful information Weekly highlights from other practice areas Tax treatment HMRC publishes employee share schemes statistics for the tax year ending 2022 HMRC has released figures for the tax year to 2022 covering the 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, the data sets out how many companies run schemes, how many employees receive or are granted awards, the value of those awards, how many options are exercised, and estimates of the income tax and National Insurance contributions ( NICs) relief obtained. Employees are estimated to have benefited from £840m of income tax relief and £560m of NICs relief in that year across the four schemes EMI...
In this issue: General election announced for 4 July 2024 Company law and regulatory New and updated content Useful information Weekly highlights from other practice areas General election announced for 4 July 2024 Prime Minister Rishi Sunak has sought and obtained the King’s consent to dissolve Parliament, calling a general election for 4 July 2024. Parliament will be prorogued on 24 May 2024, and dissolved on 30 May 2024 under the Dissolution and Calling of Parliament Act 2022. This analysis considers what the announcement signifies for bills now before parliament, as well as the implications for government and public bodies until polling day. See News Analysis: General election announced for 4 July 2024. Company law and regulatory FCA Primary Market Bulletin 49—review on LTIP reporting and performance targets The Financial Conduct Authority ( FCA) Primary Market Bulletin 49 sets out a 2023 review of 25...
In this issue Tax treatment Corporate governance Useful information Weekly highlights from other practice areas Tax treatment HMRC publishes Employment Related Securities Bulletin 55 HMRC has released Employment Related Securities ( ERS) Bulletin 55, setting out updates on the following: a prompt to register CSOP, SAYE and SIP arrangements, and to notify the grant of EMI options, by 6 July after the end of the tax year, together with the process for applying a reasonable excuse for late registration if the deadline is missed (see Practice Notes: FAQs on UK share schemes registration and annual returns and EMI—notification of grant of options to HMRC) a reminder of the 6 July deadline for filing end of year ERS returns and the penalties that will apply for late submission an outline of the effect of the Subsidy Control Act 2022 on EMI...
In this issue: Corporate governance Q& As Weekly highlights from other practice areas Corporate governance HSBC and Goldman Sachs to remove bankers’ bonus cap At its AGM this week, shareholders of HSBC Holdings plc approved scrapping the bonus ceiling for material risk takers, enabling the group’s remuneration committee to set what it considers to be appropriate ratios of variable to fixed pay for those individuals. More than 99 per cent of votes backed the resolution. The bank’s cap had reflected requirements that initially applied to UK-based employees under EU rules implemented in the UK—but which were withdrawn with effect from 31 October 2023 by the FCA and PRA via their joint policy statement PS9/23— Remuneration: Ratio between fixed and variable components of total remuneration (bonus cap)—see: Share Incentives weekly highlights—26 October 2023— Company law, governance and regulatory issues. HSBC’s AGM outcome follows reports earlier this week that...
In this issue: Corporate governance HMRC Manuals tracker Useful information Weekly highlights from other practice areas Corporate governance Ocado shareholders approve new remuneration policy At Ocado Group PLC’s AGM this week, investors backed a new directors’ remuneration policy ( DRP), with 80.57% of votes cast in favour. The policy brings in a performance-linked long-term incentive scheme featuring annual rolling awards and a three-year measurement period, delivering a ‘base’ opportunity of 400% of salary for the CEO and 350% for the CFO where stretching goals are achieved. Those potential maxima are subject to a further multiplier of up to 1.5 times—taking them to 600% and 525% respectively—tied to Ocado’s relative TSR against the FTSE 100. For 2024, the CEO, Tim Steiner, will also see upside elements from the company’s contentious value creation plan folded into his grant (the plan itself will not run in 2024), including a heightened...
In this issue: Tax treatment Corporation transactions and share incentives HMRC Manuals tracker Useful information Weekly highlights from other practice areas Tax treatment Cooke v Revenue and Customs Commissioners [2024] UKFTT 272 ( TC) In this matter, the First-tier Tribunal ( FTT) upheld the taxpayer’s appeal regarding his qualification for entrepreneurs’ relief (now business asset disposal relief) on a £600,000 gain arising from the sale of his entire shareholding in a company. A prerequisite for the relief was that, throughout a specified period before the sale, he owned at least 5% of the company’s ordinary share capital. In reality, his holding was 4.99998%, not a full 5%. The deficit stemmed from an error caused by reliance on a spreadsheet that rounded percentage figures to two decimal places. The FTT determined, as a finding of fact, that the intention when the shares were...
In this issue: Tax treatment Corporate governance Useful information Weekly highlights from other practice areas Tax treatment Tax Administration and Maintenance Day 2024 As trailed in the Spring Budget 2024, 18 April 2024 marked this year’s Tax Administration and Maintenance Day. That said, only four brief announcements were issued in total, and none were of direct relevance to Share Incentives practitioners. See the Tax administration and maintenance summary: Spring 2024. 18 April 2024 HMRC publishes minutes from the Share Schemes Forum on 12 December 2023 HMRC has released the official minutes of the Share Schemes Forum meeting held on 12 December 2023. The forum exists to support open dialogue between HMRC and representative bodies on a spectrum of policy, operational and process matters concerning tax and employment-related securities......
In this issue: Tax treatment Corporate governance HMRC Manuals tracker Useful information Weekly highlights from other practice areas Tax treatment HMRC confirms that its official rate of interest will remain at 2.25% HMRC has stated that its official interest rate for beneficial loan arrangements will stay at 2.25% from 6 April 2024, notwithstanding the Bank of England’s base rate of 5.25%. This rate applies when assessing the tax position of 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 obtained for less than market value. The 2.25% figure has applied since 6 April 2023 (previously 2.00%). For a comprehensive schedule of relevant tax and other rates, see Practice Note: Tax and other rates which are relevant to share incentives. For more on the...
In this issue: Enterprise management incentives schemes Employee benefit trusts HMRC Manuals tracker Useful information Weekly highlights from other practice areas Enterprise management incentives schemes Reminder: New deadline for notification of EMI options granted on or after 6 April 2024 Where an enterprise management incentives ( EMI) option is granted on or after 6 April 2024, HMRC must be notified by 6 July following the close of the tax year in which the option was granted. For options granted before this date, the notification deadline remains 92 days from grant. This revision was first flagged in the Spring Budget 2023 and given effect by the Finance Act 2024. As HMRC highlighted in Employment Related Securities Bulletin 54 ( February 2024), a company may still notify HMRC during the same tax year the options are granted and does not need to wait until the year...
In this issue: Enterprise management incentives schemes Accounting treatment Corporate governance Weekly highlights from other practice areas Enterprise management incentives schemes Updated EMI annual return template and guidance notes published HMRC has released refreshed versions of its template, guidance and technical note for the end‑of‑year return used when reporting enterprise management incentives ( EMI) options to HMRC. The revisions include a change to the table in section 3.7 of the technical note (relating to EMI options that were released, lapsed or cancelled) to require a mandatory statement confirming whether PAYE was operated where money or value was received on the release, lapse or cancellation. For more on the requirements for completing an EMI annual return to HMRC, see Practice Note: EMI— HMRC annual return. See EMI: end of year return template and guidance notes. 26 March...
In this issue: Tax treatment Q& As Useful Information Weekly highlights from other practice areas Tax treatment National Insurance Contributions ( Reduction in Rates) ( No 2) Bill 2024 On 20 March 2024, the National Insurance Contributions ( Reduction in Rates) ( No 2) Bill 2024 received Royal Assent after passing through the Commons and the Lords without amendment. It has therefore become the National Insurance Contributions ( Reduction in Rates) Act 2024. The Act lowers the main Class 1 primary national insurance rate to 8% and the main Class 4 rate to 6%, both applying from 6 April 2024 (see: Share Incentives weekly highlights—14 March 2024— Tax treatment). For information on other NICs rates relevant to employee share schemes, see Practice Note: Tax and other rates which are relevant to share incentives— National Insurance contributions ( NICs). See National...
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...
In this issue: Budgets, Autumn Statements and Finance Bills HMRC Manuals tracker Useful Information Weekly highlights from other practice areas Budgets, Autumn Statements and Finance Bills Spring Budget 2024 On 6 March 2024, the Chancellor, Jeremy Hunt, set out the government’s Spring Budget. As with the Autumn Statement made on 22 November 2023, it offered little of direct consequence for Share Incentives, and, once again, there were no developments on the call for evidence concerning Save As You Earn and Share Incentive Plans, which closed on 25 August 2023 (see: Share Incentives weekly highlights—8 June 2023— Tax Advantaged Employee Share Schemes), nor on the consultation relating to employee ownership trusts and employee benefit trusts, which concluded on 25 September 2023 (see: Share Incentives weekly highlights—20 July 2023— Budgets, Autumn Statements and Finance Bills)......
On Wednesday, 6 March 2024, the Chancellor of the Exchequer, Jeremy Hunt, presented the government’s Spring Budget. In a year when a general election is anticipated, he repeatedly cast it as a programme for long-term growth, concluding with the line ‘growth up, jobs up and taxes down’. He also outlined tax measures aimed at making the system ‘simpler and fairer’. While scrapping some reliefs may streamline matters, the backdrop of the main and small profits corporation tax rates holding at 25% and 19%, personal allowances and income tax bands staying frozen (and expected to remain so for a few more years), and the annual exempt amount for capital gains tax being halved to £3,000 from 6 April 2024, makes it uncertain whether the electorate will experience the changes as fairer. Key announcements...
On 6 March 2024, Chancellor Jeremy Hunt set out the government’s Spring Budget amid a weak economic outlook and Conservative polling behind Labour ahead of the forthcoming general election. He had to juggle the political urge to woo voters through personal tax cuts with the constraint of the OBR’s latest fiscal headroom. With income tax reductions viewed as too expensive, reliefs targeted at squeezed households focused on further cuts to employees’ and self‑employed National Insurance contributions, reform of the High Income Child Benefit Charge, and a lower higher rate of Capital Gains Tax on residential property disposals. For Private Client lawyers, the most unexpected move was the abolition of the non‑ UK domicile tax regime. In the months ahead, Private Client advisers will be busy guiding clients through the ramifications, and only time will show whether, under the proposed...
In this issue: Corporate governance Useful Information Weekly highlights from other practice areas Corporate governance Investment Association publishes an update regarding its Principles of Remuneration and a letter to remuneration committee chairs Following earlier indications that the Investment Association ( IA) plans a substantial review of its Principles of Remuneration in 2024 (see: Share Incentives weekly highlights—1 February 2024— Corporate governance), the IA has now released an update and sent a letter to remuneration committee chairs at FTSE 350 companies. The letter explains how investors intend to engage with investee companies on executive pay throughout the 2024 AGM season. In particular, the IA highlights that investors wish to support boards as they manage continued inflationary pressures, so that pay arrangements motivate and reward employees and senior leaders to deliver strong performance. Investors will also evaluate whether executive pay outcomes are...
In this issue Corporate governance Useful Information Weekly highlights from other practice areas Corporate governance PLSA publishes 2024 update to Stewardship and Voting guidelines The Pensions and Lifetime Savings Association ( PLSA) has released its 2024 Stewardship and Voting guidelines, intended to serve scheme investors as a benchmark for corporate reporting and investor relations activity. Changes on remuneration ( Section 5) are limited. Notably, companies are now expected to include in their annual report a clear explanation of malus and clawback provisions, which may apply where rewards rely on inaccurate or misleading data, in cases of misconduct, misstated accounts, serious reputational harm, or corporate failure. This clarification follows the Financial Reporting Council’s enhanced disclosure expectations introduced last month within the refreshed UK Corporate Governance Code (see: Share Incentives weekly highlights—25 January 2024— Corporate governance). The update also addresses...
In this issue: Corporate governance Tax treatment HMRC Manuals tracker Useful Information Weekly highlights from other practice areas Corporate governance Smith & Nephew to advance a ‘hybrid’ US- UK pay scheme This week it emerged that Rupert Soames, chairman of Smith & Nephew, is backing a ‘hybrid’ US- UK pay structure for executive remuneration. The move seeks to tackle the persistent challenge of bringing UK pay into line with US levels, where the group earns most of its revenue and houses much of its leadership, and to strengthen recruitment and retention of top talent. The proposal’s specifics are expected in the next annual report, with any rollout dependent on approval at the company’s annual general meeting. Early conversations with shareholders point to broad support for the changes. The refreshed stance comes as concerns grow in the City that...
In this issue: Tax treatment Employment issues Useful Information Weekly highlights from other practice areas Tax treatment HMRC publishes Employment Related Securities Bulletin 54 and updated guidance HMRC has released its Employment Related Securities ( ERS) Bulletin 54, setting out updates as follows: Guidance and technical notes now mirror the revised company share option plan ( CSOP) share options limit, which rose from £30,000 to £60,000 on 6 April 2023. Confirmation that the end of year template and the submission checking service will be updated from 6 April 2024. A reminder to file the annual ERS return, with penalties applying where submission is late. A reminder that, for enterprise management incentives ( EMI) options granted on or after 6 April 2024, the deadline to notify HMRC of the grant will be extended from 92 days after grant to 6 July...
Popular documents
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 ]...
Discover more from LexisNexis
