Finance Act 2013: changes to HMRC

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Finance Act 2013: changes to HMRC"

Transcription

1 Key changes Other changes Finance Act 2013: Action required changes to HMRC Summary The Finance Act 2013 (FA13) has made a number of amendments to the legislation regulating HMRC, ie the Sharesave (SAYE), the Share Incentive Plan (SIP) and the Company Share Option Plan (CSOP). Some of these amendments are important and require action, including: amending plan rules and supporting documentation to reflect changes made by the legislation; and formulating a policy on retirement. In the majority of cases share plans are updated automatically by FA13, which took effect on 17 July Companies should, however, amend their rules so that they accurately reflect the revised legislation. This briefing sets out the key changes made by FA13 and indicates which plans are affected. Key changes Removal of the requirement to include a specified age for retirement (affects SAYE, SIP and CSOP) Prior to FA13 companies were required to include a specified age for retirement in SAYE plans, SIPs and CSOPs. Companies needed to select an age within an age range (which differed according to the type of plan, being a minimum age of 50, 55 and 60 for SIP, CSOP and SAYE respectively). Your plan rules will state the specified age. From this age retirees are entitled to tax favoured treatment of their options and SIP awards. FA13 removes this requirement (although the specified age will remain relevant in one respect for SAYE, as discussed below). Although this may broaden good leaver status for participants, it will cause a headache for companies for the reasons explained below. Simon Evans T E Alice Greenwell T E Jocelyn Mitchell T E Martin Macleod T E Changes Removal of the specified age means that SAYE options will now become exercisable when a participant leaves employment on retirement irrespective of the participant s age. What retirement means is discussed below. Such an exercise will be tax favoured (ie no income tax will arise). The current specified age will have a continuing relevance for pre-july 2013 SAYE options, which may still be exercised when a participant reaches the plan s specified age without retiring. This right will not be available to any new SAYE options granted. Likewise, CSOP options will no longer be subject to an income tax charge if they are exercised (within three years after grant) after the participant leaves employment because of retirement, irrespective of the participant s age. Finance Act 2013: changes to HMRC 1

2 Finally, SIP shares will not be taxed if they are removed from the plan after the participant leaves employment on retirement, irrespective of the participant s age. Free and matching shares cannot be forfeitable in these circumstances (previously they could be forfeitable on retirement before the specified age). Prior to FA13 the good leaver status of retirees under was inherently age discriminatory. Commentary For the reasons explained below FA13 s removal of the specified age for SAYE, SIP and CSOP is counter-intuitive in light of legal risks on age discrimination, and will cause some problems for companies. Retirement has been a tricky area for companies since it became unlawful (in 2006) to discriminate against employees on grounds of age without either a specific legislative exception or an objective justification that is, by showing that the discrimination is a proportionate means of achieving a legitimate aim. Age discrimination concerns became more acute for employers following the abolition of the default retirement age (65) in Prior to FA13 the good leaver status of retirees under was inherently age discriminatory, because older retirees options were treated more favourably than those of younger leavers both in respect of the ability to exercise and with regard to tax. (Remember that age discrimination legislation protects the young from discrimination favouring the old as well as protecting the old from discrimination favouring the young.) The legislative requirement to include a specified age gave companies a partial safe-harbour from age discrimination risks (age discrimination is permitted if required by statute), and companies were generally able to objectively justify their choice of specified age within the required range. Following FA13 companies are put in a much more difficult position. With no statutory definition of retirement, and no ability to adopt a specified age under the previous legislation, there is no safe-harbour to rely on. Instead, companies must be able to justify any age discrimination objectively and so must develop their own policy on the meaning of retirement for approved plans. This is not straightforward, because leavers are likely to use age discrimination arguments to press companies to treat them as retirees and so be permitted to exercise and qualify for favourable tax treatment. As a result companies wishing to minimise the age discrimination risk may consider applying retirement broadly among leavers, by treating retirement as applying from a fairly low age (eg 50). This would have the potential benefit of more leavers being classified as retirees (and thus eligible to exercise and benefit from tax favoured treatment). Some companies may not consider this to be in shareholders interests as an appropriate use of equity for incentivisation purposes. But too liberal an interpretation of retiree may be subject to challenge by HMRC, who may consider that the company is over-egging the age discrimination risk and that leavers are being treated as retirees solely for the purpose of gaining tax advantages. HMRC are likely to query decisions to treat leavers as retirees solely for the purposes of the share plans where they are not retirees in other contexts. HMRC guidance has recently been published but it does not really assist in view of the difficult legal issues involved: HMRC do not provide examples of retirement, nor will they give rulings on the subject. They are, however, clear that the policy should not be applied on a discretionary basis (ie the policy should be applied consistently in relation to all participants). Companies find themselves, therefore, in a difficult position: they must develop a policy for retirees that strikes a balance between minimising the risks of unlawful age discrimination and challenge from HMRC. Broadly, there are two main ways to approach a retirement policy: a company may determine that all leavers over a certain age are retirees although careful consideration is needed to determine that age; or a company may set a suite of conditions, a certain number of which must be satisfied in order for a leaver to be treated as a retiree. A minimum age may be one of the conditions, but other conditions might include, for example, the employee s anticipated future employment plans. 2 Finance Act 2013: changes to HMRC

3 The age element of a retirement policy will vary from business to business, but examples of what a company may decide is appropriate include the following: carrying out an analysis of the workforce to establish the age at which employees have typically retired in recent years; retaining the pre-fa13 specified age (although this could cause inconsistencies between SAYEs, SIPs and CSOPs, as each of these plans had a different earliest age for the specified age ); or using an appropriate age from another context, eg the youngest age at which an employee may draw a pension (other than for ill health) under the company s relevant pension plan. Legislation permits this to be as early as 55 (or 50 for certain employees who have protected pension ages), but retirement before the employee s normal pension age (eg 60) will generally require employer consent. It will generally be inadvisable to use the age at which an employee can claim a state pension (currently ranging from 61 to 68, depending on age now and gender), as this would be very unattractive for employees, ie too few would get the benefit of retirement status. Companies should not delay in writing their policy on the meaning of retirement for these purposes. This will help them to demonstrate that there is an objective justification (ie a proportionate means of achieving a legitimate aim) for any potential age discrimination. For the same reason, they should also ensure that they document particular decisions regarding retirement. Participants leaving the parent group on a TUPE transfer/sale of a subsidiary out of the group (affects SAYE and CSOP) Prior to FA13, holders of SAYE and CSOP options had the ability to exercise on leaving employment either because of a TUPE transfer or because the participant s employing subsidiary was sold out of the group. But such exercise was not tax favoured. Following the changes made by FA13 SAYE and CSOP options exercised in these circumstances will be tax favoured. In practice, tax favoured treatment following TUPE transfers is just a clarification, because case law permitted TUPE leavers to be treated as redundant for the purposes of the share plans (following Chapman and Elkin v CPS Computer Group plc). Following the changes made by FA13 SAYE and CSOP options exercised in these circumstances will be tax favoured. Tax reliefs on a takeover of the Plc (affects SAYE, SIP and CSOP) FA13 extends tax relief to most cash takeovers (ie where the participant remains in employment but there is a cash takeover of the company whose shares are used for the plan) provided certain conditions are met. Prior to FA13 tax favoured exercise of an option would not have been available before the third anniversary of grant, and there was no tax favoured treatment on removal of SIP shares from the plan. There are some limitations to the FA13 regime, including requirements that: the participant must receive cash (and no other assets) in exchange for the shares. Tax favoured treatment will, therefore, be lost if the takeover offer includes shares in the offeror as all or part of the consideration; the proposal to option holders under the takeover offer does not include an ability for rollover; there must not have been any arrangements for the takeover in place or under consideration when the option/sip award was granted; and in the case of an option, tax avoidance was not one of the main purposes for the arrangements under which the option was either granted or exercised. Removal of the limit on dividend reinvestment (affects SIP only) Prior to FA13, dividend reinvestment under a SIP (which allowed participants to purchase tax favoured dividend shares with dividends accruing on their shares within the SIP) was limited to 1,500 per annum. This cap has been removed by FA13 so there is no longer a limit on dividend reinvestment for tax years from 2013/2014. Finance Act 2013: changes to HMRC 3

4 Companies are permitted to impose a cap (or a method for determining a cap) on dividend reinvestment. In practice, companies are unlikely to want to do this except in limited circumstances (such as when they need to impose a limit because of prospectus rules). Some companies use an accumulation period (typically a year), during which deductions made from salary roll-up are used to purchase partnership shares at the end of that period. Although FA13 automatically makes changes to SIP rules, free/partnership share agreements entered into by SIP participants are likely expressly to cap dividend reinvestment at 1,500 per annum (rather than by reference to any cap in the legislation from time to time). If this is the case, companies must expressly inform participants in order to remove the cap under existing free/partnership share agreements. New free/partnership share agreements must also reflect the removal of the limit. Removal of the prohibition on use of restricted shares (affects SAYE, SIP and CSOP) Prior to FA13 companies were prohibited from using restricted shares in an SAYE, SIP or CSOP (except in limited circumstances). FA13 removes this prohibition. This will be of most value to unlisted companies, but listed companies may also be able to make use of the increased flexibility. For example, a company may consider imposing a post-exercise holding period for shares acquired under CSOP or SAYE. Or it may make free or matching SIP shares subject to a longer forfeiture period than was permitted prior to FA13, or make good leavers free or matching SIP shares subject to forfeiture (although we would expect most companies to keep the SIP forfeiture period and terms in line with the tax regime, and keep the period at three years and allow good leavers to retain their shares). Note that companies are still prohibited from making partnership shares or dividend shares under a SIP subject to forfeiture. Valuation of partnership shares (affects SIP only) Some companies use an accumulation period (typically a year), during which deductions made from salary roll-up are used to purchase partnership shares at the end of that period. Prior to FA13 companies had to determine the number of partnership shares to be awarded at the end of an accumulation period by reference to the lower of the market value of the shares at the beginning of the accumulation period and at the end of the period, when the partnership shares are actually purchased. This did not allow companies to hedge their cost exposures. Following FA13 companies may choose to use the value at the beginning or the end of the accumulation period, or the lower of the two. In principle this change may make accumulation periods more attractive, as companies can now create certainty as to the cost of acquiring the shares and can hedge that cost exposure if they wish to do so. In practice companies that currently operate SIPs with monthly purchases are likely to continue to do so, as employees are likely to be distrustful of deductions being made from salary when shares are not bought straightaway. Companies must inform participants which of the three valuation methods has been chosen. This must be set out in the partnership share agreement, meaning that any future partnership share agreement must be updated accordingly. Other changes In addition, there are some amendments of a more technical nature, which generally offer greater flexibility to companies. The changes are generally incorporated automatically into plan rules by FA13, but companies should still update their rules. The prohibition on SAYE and SIP participants having a material interest (ie broadly a 25 per cent shareholding interest) in a close company has been abolished. Employees with such a major shareholding may now participate in an SAYE or SIP on the same terms as any other employee. The material interest rules have also been revised for CSOP, so that options may be granted to employees who have beneficial ownership of, or the ability to control, up to 30 per cent of a company s share capital. This has been increased from 25 per cent. 4 Antitrust damage claims and collective actions in Europe June 2013

5 FA13 makes amendments to the terminology and legislative references describing the ways in which the listed company may be taken over, eg whether pursuant to a general offer, scheme of arrangement, etc.. Although these changes will not affect the day-to-day operation of a share plan, they are likely to be important if there is a takeover of Plc. The seven-year savings contract that was previously available under SAYE has been abolished. Companies may now use only three- or five-year savings contracts. As a housekeeping exercise, references to seven-year savings contracts should be removed from the plan rules. This may be an appropriate time to carry out a more general health-check on plan rules. Action required Companies need to take the following action: determine their policy for retirees. As discussed in paragraph 1 above, companies need to develop a policy for retirees that strikes a balance between minimising the risks of unlawful age discrimination and challenge from HMRC; amend their share plan rules so that they accurately reflect changes made by FA13. The majority of changes are made automatically by FA13, but any new documents need to reflect the updates (for example, future free share agreements under a SIP see paragraph 4 above). These amendments can generally be made by the board without the need for shareholder approval. This is because most rules specify that where amendments are to take advantage of any changes in legislation or to maintain or obtain favourable tax treatment, shareholder approval is not required (even if the amendments are in favour of participants); review any tax communications to participants to ensure they accurately reflect revisions to the tax treatment in relevant circumstances; and this may be an appropriate time to carry out a more general health-check on plan rules. For more information please contact: Simon Evans T E Jocelyn Mitchell T E Alice Greenwell T E Martin Macleod T E freshfields.com is a limited liability partnership registered in England and Wales with registered number OC It is authorised and regulated by the Solicitors Regulation Authority. For regulatory information please refer to Any reference to a partner means a member, or a consultant or employee with equivalent standing and qualifications, of or any of its affiliated firms or entities. This material is for general information only and is not intended to provide legal advice.,, 36894

osborneclarke.com A Guide to Equity Plans For international companies with UK operations

osborneclarke.com A Guide to Equity Plans For international companies with UK operations A Guide to Equity Plans For international companies with UK operations Introduction This paper is designed to provide an insight into the main types of share plans available in the UK and practical guidance

More information

ST IVES PLC ST IVES LONG TERM INCENTIVE PLAN 2010. Approved by shareholders of the Company on. Adopted by the board of the Company on

ST IVES PLC ST IVES LONG TERM INCENTIVE PLAN 2010. Approved by shareholders of the Company on. Adopted by the board of the Company on DISPLAY VERSION ST IVES PLC ST IVES LONG TERM INCENTIVE PLAN 2010 Approved by shareholders of the Company on Adopted by the board of the Company on The Plan is a discretionary benefit offered by St Ives

More information

BENEFITS & COMPENSATION INTERNATIONAL TOTAL REMUNERATION AND PENSION INVESTMENT

BENEFITS & COMPENSATION INTERNATIONAL TOTAL REMUNERATION AND PENSION INVESTMENT BENEFITS & COMPENSATION INTERNATIONAL TOTAL REMUNERATION AND PENSION INVESTMENT Simplifying Tax-Advantaged Share Plans in the UK Michael Landon Michael Landon is Executive Compensation Director of the

More information

Directors remuneration

Directors remuneration Briefing A review of the Government s June 2012 proposals for a binding shareholder vote on directors pay and new pay disclosures Summary This briefing looks at the detailed proposals for the new regime

More information

your share incentive plan

your share incentive plan your share incentive plan 1 Contents What is Match?... 4 Match... 4 How do I get shares under Match?... 5 Shares you buy: Partnership Shares... 5 Shares given to you by Matchtech Group: Match Shares...

More information

The ConocoPhillips Share Incentive Plan EXPLANATORY BOOKLET

The ConocoPhillips Share Incentive Plan EXPLANATORY BOOKLET The ConocoPhillips Share Incentive Plan EXPLANATORY BOOKLET September 2014 Contents Page 1. Introduction 1 2. Summary of how the Plan works 2 3. Eligibility and joining the Plan 4 4. Shares of Common Stock

More information

New EU rules on bankers pay (including the bonus cap)

New EU rules on bankers pay (including the bonus cap) Briefing New EU rules on bankers pay (including the bonus cap) Summary On 16 April 2013, the European Parliament approved the text of CRD 4, which will, among other things, impose a cap on bankers bonuses.

More information

An introduction to European employment law for Korean companies

An introduction to European employment law for Korean companies Acquisitions issues to expect Employing staff in Europe An introduction to European employment law for Korean companies For Korean companies encountering the European employment law system for the first

More information

An introduction to European employment law for Japanese companies

An introduction to European employment law for Japanese companies Acquisitions issues to expect Employing staff in Europe An introduction to European employment law for Japanese companies For Japanese companies encountering the European employment law system for the

More information

RELEVANT TECHNICAL LIFE GUIDE PLAN TO THE RELEVANT LIFE PLAN RELEVANT LIFE PLAN TECHNICAL GUIDE.

RELEVANT TECHNICAL LIFE GUIDE PLAN TO THE RELEVANT LIFE PLAN RELEVANT LIFE PLAN TECHNICAL GUIDE. RELEVANT TECHNICAL LIFE GUIDE PLAN TO THE RELEVANT LIFE PLAN 1 RELEVANT LIFE PLAN TECHNICAL GUIDE. 2 TECHNICAL GUIDE TO THE RELEVANT LIFE PLAN ABOUT THIS GUIDE This guide has been designed for financial

More information

BENEFITS & COMPENSATION INTERNATIONAL TOTAL REMUNERATION AND PENSION INVESTMENT

BENEFITS & COMPENSATION INTERNATIONAL TOTAL REMUNERATION AND PENSION INVESTMENT BENEFITS & COMPENSATION INTERNATIONAL TOTAL REMUNERATION AND PENSION INVESTMENT UK Tax-Favoured Share Plans: What s Next? Michael Landon Michael Landon is Executive Compensation Director of the independent

More information

Equity Incentive Plans Extending US- and UK-based Plans Across the Pond

Equity Incentive Plans Extending US- and UK-based Plans Across the Pond Equity Incentive Plans Extending US- and UK-based Plans Across the Pond Andrew Stanger Partner +44 20 3130 3934 astanger@mayerbrown.com James C. Williams Partner +1 312 701 8139 jcwilliams@mayerbrown.com

More information

Computershare Plan Managers - Client Training & Education Call

Computershare Plan Managers - Client Training & Education Call Computershare Plan Managers - Client Training & Education Call Tapestry Compliance LLP Legal & Tax Updates for International Share Plans 9 July 2013 Computershare Plan Managers 1,700 employee share plan

More information

Investment matters. Smart guide #3 Getting your fair share

Investment matters. Smart guide #3 Getting your fair share Investment matters Smart guide #3 Getting your fair share Produced in partnership with Shares magazine The value of investments can fall as well as rise and any income from them is not guaranteed and you

More information

C.1 Taxation of equity-based payments

C.1 Taxation of equity-based payments C Taxation C.1 Taxation of equity-based payments Australian taxation arrangements Equity-based payments are remuneration for employment services provided in the form of equity or rights (this could constitute

More information

QinetiQ Group plc Share Incentive Plan

QinetiQ Group plc Share Incentive Plan QinetiQ Group plc Share Incentive Plan An invitation to build up shares in your company Not for release, distribution or publication into or in the United States, Australia, Canada or Japan. This document

More information

STRUCTURING A BUSINESS AS A LIMITED LIABILITY PARTNERSHIP (LLP)

STRUCTURING A BUSINESS AS A LIMITED LIABILITY PARTNERSHIP (LLP) STRUCTURING A BUSINESS AS A LIMITED LIABILITY PARTNERSHIP (LLP) CORPORATE LAW INTRODUCTION Partnerships have been used for many years as flexible business vehicles for enterprises, especially where they

More information

For adviser use only. Your Guide to Relevant Life Policies

For adviser use only. Your Guide to Relevant Life Policies For adviser use only Your Guide to Relevant Life Policies Your guide to relevant life policies Welcome to the Scottish Provident guide to relevant life policies. In this guide you will find all the information

More information

(f) Impact of the new rules on awards granted before 1 July 2009. Very generally, ESS plans can now be categorised into the following tax categories.

(f) Impact of the new rules on awards granted before 1 July 2009. Very generally, ESS plans can now be categorised into the following tax categories. Employee Share Schemes What you Need to Know about the New Tax Rules 1. Introduction As we all know, the Government announced some significant unexpected changes to the taxation of employee share plans

More information

Changes relating to age 75 and flexible drawdown

Changes relating to age 75 and flexible drawdown October 2011 Registered pension schemes: Changes relating to age 75 and flexible drawdown This year s Finance Act makes a number of changes from 6 April 2011, concerning the impact that reaching age 75

More information

METLIFE Group Life (INCLUDING FLEXIBLE BENEFITS) Technical Guide

METLIFE Group Life (INCLUDING FLEXIBLE BENEFITS) Technical Guide METLIFE Group Life (INCLUDING FLEXIBLE BENEFITS) Technical Guide 1 MetLife Group Life Policies Technical Guide MetLife has a range of policies aimed to meet your life cover needs in respect of your employees

More information

METLIFE EXCEPTED GROUP LIFE POLICY TECHNICAL GUIDE

METLIFE EXCEPTED GROUP LIFE POLICY TECHNICAL GUIDE METLIFE EXCEPTED GROUP LIFE POLICY TECHNICAL GUIDE This document is a guide to the features, benefits, risks and limitations of the MetLife Excepted Group Life policy, including how the policy works and

More information

Shares for Rights (UK)

Shares for Rights (UK) Shares for Rights (UK) Introduction The so called "shares for rights" legislation came into force in the UK in September 2013. The tax breaks are very generous as they allow employees to achieve tax free

More information

Share Success Your guide to employee share plans in the UK and beyond. October 2014

Share Success Your guide to employee share plans in the UK and beyond. October 2014 Share Success Your guide to employee share plans in the UK and beyond October 2014 Contents Foreword from Bill Cohen 1 1. Introduction 2 2. Typical share plans in listed companies 5 2.1 Overview of executive

More information

Long Term Incentive Plans and Deferred Bonus Plans

Long Term Incentive Plans and Deferred Bonus Plans Long Term Incentive Plans and Deferred Bonus Plans Introduction Long Term Incentive Plans (LTIPs) (also sometimes referred to as "Performance Share Plans") are the most popular form of long term share

More information

SELECT SIPP. Taking pension benefits guide

SELECT SIPP. Taking pension benefits guide SELECT SIPP Taking pension benefits guide Please read this guide in conjunction with the Alliance Trust Savings Handbook and the appropriate Key Features documents. Alliance Trust Savings does not give

More information

Stocks & Shares ISA Transfer form Cazenove Investment Fund Company - B Class shares

Stocks & Shares ISA Transfer form Cazenove Investment Fund Company - B Class shares Stocks & Shares ISA Transfer form Cazenove Investment Fund Company - B Class shares For your own benefit and protection you should read carefully Cazenove Investment Fund Company s Key Investor Information

More information

SUPPLEMENTARY INFORMATION DOCUMENT THE NFU MUTUAL SELECT INVESTMENT PLAN THE NFU MUTUAL SELECT INDIVIDUAL SAVINGS ACCOUNT (ISA) INVESTMENTS

SUPPLEMENTARY INFORMATION DOCUMENT THE NFU MUTUAL SELECT INVESTMENT PLAN THE NFU MUTUAL SELECT INDIVIDUAL SAVINGS ACCOUNT (ISA) INVESTMENTS SUPPLEMENTARY INFORMATION DOCUMENT THE NFU MUTUAL SELECT INVESTMENT PLAN THE NFU MUTUAL SELECT INDIVIDUAL SAVINGS ACCOUNT (ISA) INVESTMENTS SUPPLEMENTARY INFORMATION DOCUMENT The NFU Mutual Select Investment

More information

Title: Code for Dealing in Securities

Title: Code for Dealing in Securities GSK Policy Title: Code for Dealing in Securities Official Short Title: Code for Dealing in Securities Key Points No employee may deal in GlaxoSmithKline plc securities ( GSK securities ) if he or she is

More information

Tax Facts 2014/15. Travers Smith LLP 10 Snow Hill London EC1A 2AL T +44 (0) 20 7295 3000 F +44 (0) 20 7295 3500. www.traverssmith.

Tax Facts 2014/15. Travers Smith LLP 10 Snow Hill London EC1A 2AL T +44 (0) 20 7295 3000 F +44 (0) 20 7295 3500. www.traverssmith. Tax Facts 2014/15 Travers Smith LLP 10 Snow Hill London EC1A 2AL T +44 (0) 20 7295 3000 F +44 (0) 20 7295 3500 April 2014 www.traverssmith.com Income Tax Income Tax Rates Bands Rate Tax on Band Basic Rate

More information

Guide to Relevant Life Policy and Trust

Guide to Relevant Life Policy and Trust Guide to Relevant Life Policy and Trust Relevant Life Policies are a tax-efficient way of providing death-in-service benefits on an individual basis to company directors and other company employees, no

More information

Employee share incentive schemes. www.kpmg.ie

Employee share incentive schemes. www.kpmg.ie Employee share incentive schemes www.kpmg.ie 1 Employee Share Incentive Schemes Contents Introduction 2 Unapproved share option schemes 3 Save As You Earn share option schemes 6 Approved profit sharing

More information

Response to call for evidence on Government s review of the default retirement age

Response to call for evidence on Government s review of the default retirement age Employment Lawyers Association Response to call for evidence on Government s review of the default retirement age Introduction The Employment Lawyers Association ( ELA ) is a non-political group of specialists

More information

Company Buy Back Insurance

Company Buy Back Insurance Company Buy Back Insurance A) Important This guide is based on information supplied and on our understanding of current legislation and Revenue practice. Important Shareholders must seek professional advice

More information

Guaranteed Annuity. Policy Terms & Conditions

Guaranteed Annuity. Policy Terms & Conditions Guaranteed Annuity Policy Terms & Conditions Your Guaranteed Annuity Policy The Guaranteed Annuity is a contract of insurance between you and us formed by: your signed application this policy booklet,

More information

Healthscope Limited. Equity Incentive Plan Rules

Healthscope Limited. Equity Incentive Plan Rules Healthscope Limited Equity Incentive Plan Rules 29 June 2014 EIP Rules The purpose of this Equity Incentive Plan (EIP) is to allow the Board to make Offers to Eligible Employees to acquire securities in

More information

Local Government Pension Scheme (England and Wales) Purchase of additional pension - Elections on or after 1 April 2014 Factors and guidance

Local Government Pension Scheme (England and Wales) Purchase of additional pension - Elections on or after 1 April 2014 Factors and guidance Unclassified Local Government Pension Scheme (England and Wales) Purchase of additional pension - Elections on or after 1 April 2014 Factors and guidance Date: 27 March 2014 Authors: Ian Boonin FIA Michael

More information

RULES THE RIO TINTO SHARE SAVINGS PLAN

RULES THE RIO TINTO SHARE SAVINGS PLAN B RIO TINTO PLC RULES OF THE RIO TINTO SHARE SAVINGS PLAN Shareholders' Approval: 11 April 2002 Shareholders Re-Approval: 19 April 2012 Directors' Adoption: 28 June 2002 HMRC Approval: 26 July 2002 HMRC

More information

Dismissing senior executives in China

Dismissing senior executives in China Briefing Dismissing senior executives in China Summary Terminating the employment of senior executives can be tricky in any jurisdiction and the People s Republic of China (PRC) is no exception. This briefing

More information

IRISH TAKEOVER PANEL CONSULTATION PAPER DISCLOSURE OF DEALINGS AND INTERESTS IN DERIVATIVES AND OPTIONS PROPOSALS TO AMEND THE TAKEOVER RULES

IRISH TAKEOVER PANEL CONSULTATION PAPER DISCLOSURE OF DEALINGS AND INTERESTS IN DERIVATIVES AND OPTIONS PROPOSALS TO AMEND THE TAKEOVER RULES IRISH TAKEOVER PANEL CONSULTATION PAPER DISCLOSURE OF DEALINGS AND INTERESTS IN DERIVATIVES AND OPTIONS PROPOSALS TO AMEND THE TAKEOVER RULES 30 July 2008 Contents Page A. Introduction 4 B. Amendments

More information

QUICK GUIDE TO ISAs 2014/2015

QUICK GUIDE TO ISAs 2014/2015 INDIVIDUAL SAVINGS ACCOUNTS 2014/2015 An Individual Savings Account (ISA) is not an investment in its own right rather it is a type of account that can be used to undertake tax-advantageous investment.

More information

Rules of the Rio Tinto Limited Performance Share Plan 2013

Rules of the Rio Tinto Limited Performance Share Plan 2013 Rules of the Rio Tinto Limited Performance Shareholders Approval: [x] Directors' Adoption: [x] Allens 101 Collins Street Melbourne VIC 3000 Australia Tel +61 3 9614 1011 Fax +61 3 9614 4661 www.allens.com.au

More information

Pensions. Briefing. Summary. May 2012

Pensions. Briefing. Summary. May 2012 Pensions FINANCIAL INSTITUTIONS ENERGY INFRASTRUCTURE, MINING AND COMMODITIES TRANSPORT TECHNOLOGY AND INNOVATION PHARMACEUTICALS AND LIFE SCIENCES Briefing May 2012 High Court considers scope of transferring

More information

Spring 2015 reforms: the new DC flexibilities

Spring 2015 reforms: the new DC flexibilities Spring 2015 reforms: the new DC flexibilities THE REFORMS AT A GLANCE y Until April 2015, members usually faced serious tax penalties if they did not spend at least 75% of their DC pots on an annuity meeting

More information

Zurich Stocks and Shares ISA. Terms and conditions

Zurich Stocks and Shares ISA. Terms and conditions Zurich Stocks and Shares ISA Terms and conditions Contents Introduction 3 The Terms and conditions 3 Roles and responsibilities 3 Risks 3 Terms and conditions 4 21) Your contract with us 4 22) Roles and

More information

Entrepreneurs' Relief and Growth Shares

Entrepreneurs' Relief and Growth Shares Entrepreneurs' Relief and Growth Shares Introduction This fact sheet deals with the Entrepreneurs' Relief ("ER") on the disposal of shares by individuals. It includes two case studies illustrating how

More information

Employee pension rights after a TUPE transfer

Employee pension rights after a TUPE transfer Employee pension rights after a TUPE transfer June 2006 Contents Introduction History of TUPE and pensions Public sector contracts The Pensions Act 2004 The general principles Pension obligations on TUPE

More information

Unification of corporation tax rates: consequential changes

Unification of corporation tax rates: consequential changes Unification of corporation tax rates: consequential changes Who is likely to be affected? Companies with small profits that are associated with other companies. General description of the measure This

More information

The main assets on which CGT can arise are land and buildings, and goodwill.

The main assets on which CGT can arise are land and buildings, and goodwill. Introduction The capital gains tax (CGT) legislation favours business assets by providing a number of tax reliefs. The one with the widest scope is entrepreneurs relief, which results in certain disposals

More information

Guide to Profit Sharing Schemes

Guide to Profit Sharing Schemes Guide to Profit Sharing Schemes PROFIT SHARING SCHEMES This booklet describes the provisions of Chapter 1 of Part 17, Taxes Consolidation Act, 1997 and Schedule 11 of that Act, incorporating all amendments

More information

Enterprise Management Incentives ("EMI")

Enterprise Management Incentives (EMI) Enterprise Management Incentives ("EMI") Introduction The EMI is a tax qualified discretionary share option arrangement aimed at small growing companies to help them recruit and retain employees. The exercise

More information

Spotlight on defined contribution pension schemes

Spotlight on defined contribution pension schemes OFT report The Pensions Regulator s Code of Practice The OCERP Spotlight on defined contribution pension schemes The OFT is empowered to conduct investigations into the workings of markets in the UK. The

More information

Kansas Legislator Briefing Book 2015

Kansas Legislator Briefing Book 2015 K a n s a s L e g i s l a t i v e R e s e a r c h D e p a r t m e n t Q-1 Kansas Public Employees Retirement System Retirement Plans and History Retirement Kansas Legislator Briefing Book 2015 Q-1 Kansas

More information

Individual Savings Account Supplementary Terms

Individual Savings Account Supplementary Terms Individual Savings Account Supplementary Terms Individual Savings Account Supplementary Terms and Conditions for Stocktrade Retail Clients forming part of the Agreement between Stocktrade (a division of

More information

Major changes in Belgian dismissal rules

Major changes in Belgian dismissal rules What s new? The regime before 1 January 2014 New notice periods for all Transition rules What else is changing? Unresolved issues What is the financial effect of the reform? Major changes in Belgian dismissal

More information

England and Wales Treasury Shares Guide IBA Corporate and M&A Law Committee [2014]

England and Wales Treasury Shares Guide IBA Corporate and M&A Law Committee [2014] England and Wales Treasury Shares Guide IBA Corporate and M&A Law Committee [2014] Contact Greg Scott, Partner Memery Crystal LLP gscott@memercrystal.com 1 Contents Page SCOPE OF THIS REPORT... 3 GENERAL

More information

Scrip Dividend Scheme Terms and Conditions

Scrip Dividend Scheme Terms and Conditions Scrip Dividend Scheme Terms and Conditions If you are in any doubt about the action you should take with this document, you should immediately consult an appropriate independent advisor duly authorised

More information

Namibia. Koep & Partners. Introduction

Namibia. Koep & Partners. Introduction Koep & Partners Introduction Key legislation and regulatory structure Once largely ignored by international oil and gas companies, has in recent times been called one of the last frontiers of oil and gas

More information

Employee and Business Angel Shareholdings. Avoiding Income Tax Issues

Employee and Business Angel Shareholdings. Avoiding Income Tax Issues Employee and Business Angel Shareholdings Avoiding Income Tax Issues Employee and Business Angel Shareholdings Introduction Private companies, particularly those in a start-up or early stage development

More information

TACTEX F1 PRIVATE EQUITY FUND LP SUMMARY OF PRINCIPAL TERMS

TACTEX F1 PRIVATE EQUITY FUND LP SUMMARY OF PRINCIPAL TERMS TACTEX F1 PRIVATE EQUITY FUND LP SUMMARY OF PRINCIPAL TERMS Certain terms and attributes of Tactex F1 Private Equity Fund LP (the Partnership ) are highlighted below. This summary is qualified in its entirety

More information

PREMIER SSAS FEE AGREEMENT

PREMIER SSAS FEE AGREEMENT PREMIER SSAS FEE AGREEMENT JLT PREMIER PENSIONS Service terms 2 JLT PREMIER PENSIONS PREMIER SSAS FEE AGREEMENT JLT PREMIER PENSIONS PREMIER SSAS FEE AGREEMENT 3 CONTENTS 1 Definitions And Interpretation

More information

THE NATIONAL GRID USA COMPANIES INCENTIVE THRIFT PLAN II. (As Amended and Restated Effective January 1, 2015)

THE NATIONAL GRID USA COMPANIES INCENTIVE THRIFT PLAN II. (As Amended and Restated Effective January 1, 2015) Page 1 of 91 THE NATIONAL GRID USA COMPANIES INCENTIVE THRIFT PLAN II (As Amended and Restated Effective January 1, 2015) 3505578_2.DOC TABLE OF CONTENTS Page 2 of 91 ARTICLE 1. INTRODUCTION. 1.1. In General...1

More information

Group Life Assurance. Technical Guide. Group Life Assurance for Death in Service Benefits under Registered Occupational Pension Schemes

Group Life Assurance. Technical Guide. Group Life Assurance for Death in Service Benefits under Registered Occupational Pension Schemes Group Life Assurance Group Life Assurance for Death in Service Benefits under Registered Occupational Pension Schemes Technical Guide This Technical Guide does not constitute contractual Terms Registered

More information

NOTES TO THE UK GAAP PARENT COMPANY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008

NOTES TO THE UK GAAP PARENT COMPANY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 1. SIGNIFICANT ACCOUNTING POLICIES BASIS OF PREPARATION The Company s fi nancial statements are prepared on the historical cost basis, except for derivative fi nancial instruments which are stated at their

More information

Key features of the HSBC InvestDirect Stocks and Shares ISA (Individual Savings Account)

Key features of the HSBC InvestDirect Stocks and Shares ISA (Individual Savings Account) Key features of the HSBC InvestDirect Stocks and Shares ISA (Individual Savings Account) Available to HSBC InvestDirect and HSBC InvestDirect Plus customers Important information you need to know Effective

More information

www.thalesgroup.com EMPLOYEE SHARE OFFER UNITED KINGDOM

www.thalesgroup.com EMPLOYEE SHARE OFFER UNITED KINGDOM www.thalesgroup.com EMPLOYEE SHARE OFFER 2013 UNITED KINGDOM An offer dedicated to Thales UK employees Through its 2013 offer, Thales S.A. is offering employees in 12 countries the opportunity to purchase

More information

Employee share schemes

Employee share schemes CMS_LawTax_Negative_28-100.ep Employee share schemes CMS Cameron McKenna 2014 1 Employee share schemes Introduction Employee share schemes were traditionally limited to listed companies. However, over

More information

For financial advisers only Relevant life technical guide

For financial advisers only Relevant life technical guide For financial advisers only Relevant life technical guide Please note this communication is for financial advisers only. It mustn t be distributed to, or relied on by, customers. About this guide We ve

More information

JB Hi-Fi Limited Securities Trading Policy

JB Hi-Fi Limited Securities Trading Policy JB Hi-Fi Limited Securities Trading Policy 1. Introduction and scope of this Policy Purpose and objectives 1.1 This document sets out the securities trading policy (Policy) of JB Hi-Fi Limited (JB Hi-

More information

Rolls-Royce Holdings plc. Shareholder guide June 2014

Rolls-Royce Holdings plc. Shareholder guide June 2014 Rolls-Royce Holdings plc Shareholder guide June 2014 Contents Payments to Shareholders Payments to shareholders............................................3 Receive cash.....................................................4

More information

BP p.l.c. Individual Savings Account

BP p.l.c. Individual Savings Account BP p.l.c. Individual Savings Account October 2014 2 Contents page How to contact us About this brochure 2 How to contact us 2 ISAs explained 3 Taxation 3 Risks associated with this investment 4 Eligibility

More information

For professional investors and advisors only. Not suitable for retail clients. Schroder Life Flexible Retirement Fund

For professional investors and advisors only. Not suitable for retail clients. Schroder Life Flexible Retirement Fund May 2016 For professional investors and advisors only. Not suitable for retail clients. Schroder Life Flexible Retirement Fund Improving the DC journey Members in a defined contribution (DC) pension scheme

More information

Key Features Document

Key Features Document Keyfacts Key Features Document Transact Section 32 Buy Out Bond IntegraLife UK Limited A firm authorised and by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and

More information

Chapter 5. Rules and Policies

Chapter 5. Rules and Policies Chapter 5 Rules and Policies 5.1.1 NI 55-104 Insider Reporting Requirements and Exemptions and Consequential Amendments to Related Instruments and Repeal Instruments for Certain Predecessor Instruments

More information

Supplementary Information Document. The NFU Mutual Portfolio Investment Plan The NFU Mutual Stocks & Shares ISA

Supplementary Information Document. The NFU Mutual Portfolio Investment Plan The NFU Mutual Stocks & Shares ISA Supplementary Information Document The NFU Mutual Portfolio Investment Plan The NFU Mutual Stocks & Shares ISA Supplementary Information Document The NFU Mutual Portfolio Investment Plan The NFU Mutual

More information

KONECRANES PLC STOCK OPTIONS 2009

KONECRANES PLC STOCK OPTIONS 2009 KONECRANES PLC STOCK OPTIONS 2009 The Annual General Meeting of Shareholders of Konecranes Plc has on March 12, 2009 accepted the issue of stock options to the key personnel of Konecranes Plc (the Company)

More information

Baronsmead VCT 2 plc. Prospectus

Baronsmead VCT 2 plc. Prospectus Baronsmead VCT 2 plc (to be renamed Baronsmead Venture Trust plc) Prospectus Issue of up to 85 million New Shares in connection with the recommended proposals for the merger with Baronsmead VCT plc and

More information

FLEXIBLE LIFETIME ANNUITY NATIONAL INSURANCE NUMBER POLICY NUMBER

FLEXIBLE LIFETIME ANNUITY NATIONAL INSURANCE NUMBER POLICY NUMBER FLEXIBLE LIFETIME ANNUITY NATIONAL INSURANCE NUMBER POLICY NUMBER 1 THE PRUDENTIAL ASSURANCE COMPANY LIMITED Incorporated in England Reg'd No. 15454 Registered Office: Laurence Pountney Hill, London, EC4R

More information

2013 No COMPANIES. The Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013

2013 No COMPANIES. The Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013 S T A T U T O R Y I N S T R U M E N T S 2013 No. 1981 COMPANIES The Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013 Made - - - - 6th August 2013 Coming into

More information

Pension Annuity (including the Enhanced Pension Annuity)

Pension Annuity (including the Enhanced Pension Annuity) Pension Annuity (including the Enhanced Pension Annuity) Terms and Conditions Retirement Investments Insurance Health Retirement Investments Insurance Health Retirement Investments Insurance Health Welcome

More information

SUNCORP GROUP LIMITED

SUNCORP GROUP LIMITED SUNCORP GROUP LIMITED ABN 66 145 290 124 EXEMPT EMPLOYEE SHARE PLAN TRUST DEED 5709273/1 TABLE OF CONTENTS 1. PURPOSE... 1 2. DEFINITIONS... 1 3. OPERATION OF THE PLAN... 4 4. HOW THE PLAN WORKS... 4 5.

More information

Terms and conditions of the Stock Option Scheme 2010

Terms and conditions of the Stock Option Scheme 2010 Terms and conditions of the Stock Option Scheme 2010 Stock Option Scheme 2010 I STOCK OPTION TERMS AND CONDITIONS 1. Number of Stock Options 2. Stock Options 3. Right to Stock Options The Board of Directors

More information

LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013

LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013 LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013 Contents INTRODUCTION... 2 SECTION A ADMISSION... 3 A1: Eligibility for admission... 3 A2: Procedure for admission... 4 SECTION B CONTINUING

More information

POLICY STATEMENT TO REGULATION 55-103 RESPECTING INSIDER REPORTING FOR CERTAIN DERIVATIVE TRANSACTIONS (EQUITY MONETIZATION)

POLICY STATEMENT TO REGULATION 55-103 RESPECTING INSIDER REPORTING FOR CERTAIN DERIVATIVE TRANSACTIONS (EQUITY MONETIZATION) POLICY STATEMENT TO REGULATION 55-103 RESPECTING INSIDER REPORTING FOR CERTAIN DERIVATIVE TRANSACTIONS (EQUITY MONETIZATION) The members of the Canadian Securities Administrators (the CSA) that have adopted

More information

The Finance Act 1989 & Employee Share Ownership Plans: A study of institutional change. Peter Casson School of Management University of Southampton

The Finance Act 1989 & Employee Share Ownership Plans: A study of institutional change. Peter Casson School of Management University of Southampton The Finance Act 1989 & Employee Share Ownership Plans: A study of institutional change Peter Casson School of Management University of Southampton Introduction Finance Act 1989 Development and use (and

More information

ACCOUNT OPENING APPLICATION FORM CLIENT FACT FIND (SIPP ACCOUNT)

ACCOUNT OPENING APPLICATION FORM CLIENT FACT FIND (SIPP ACCOUNT) ACCOUNT OPENING APPLICATION FORM CLIENT FACT FIND (SIPP ACCOUNT) Background to SIPPs Self Invested Personal Pensions (SIPPs) are personal pensions which allow investors to choose where they want their

More information

ST. JAMES S PLACE UNIT TRUST GROUP

ST. JAMES S PLACE UNIT TRUST GROUP ST. JAMES S PLACE UNIT TRUST GROUP SUPPLEMENTARY INFORMATION DOCUMENT PARTNERS IN MANAGING YOUR WEALTH This document sets out terms and conditions which summarise how we will manage your investment. Words

More information

DISCLOSURE OF EQUITY DERIVATIVE POSITIONS RECOMMENDATIONS TO THE MINISTER OF COMMERCE FROM THE TAKEOVERS PANEL

DISCLOSURE OF EQUITY DERIVATIVE POSITIONS RECOMMENDATIONS TO THE MINISTER OF COMMERCE FROM THE TAKEOVERS PANEL DISCLOSURE OF EQUITY DERIVATIVE POSITIONS RECOMMENDATIONS TO THE MINISTER OF COMMERCE FROM THE TAKEOVERS PANEL Introduction and glossary of terms 1. The Takeovers Panel has the function, among other things,

More information

J.P. Morgan ISA and J.P. Morgan Investment Account

J.P. Morgan ISA and J.P. Morgan Investment Account Key Features and Terms and Conditions Effective from 7 December 2015 J.P. Morgan ISA and J.P. Morgan Investment Account For J.P. Morgan Account holders TABLE OF CONTENTS PAGE 2 2 8 9 12 22 23 24 KEY FEATURES

More information

SSAP 24 STATEMENT OF STANDARD ACCOUNTING PRACTICE 24 ACCOUNTING FOR INVESTMENTS IN SECURITIES

SSAP 24 STATEMENT OF STANDARD ACCOUNTING PRACTICE 24 ACCOUNTING FOR INVESTMENTS IN SECURITIES SSAP 24 STATEMENT OF STANDARD ACCOUNTING PRACTICE 24 ACCOUNTING FOR INVESTMENTS IN SECURITIES (Issued April 1999) The standards, which have been set in bold italic type, should be read in the context of

More information

TOP 10 MYTHS OF EMPLOYMENT LAW

TOP 10 MYTHS OF EMPLOYMENT LAW w TOP 10 MYTHS OF EMPLOYMENT LAW As an Employment Lawyer I often come across employers who are ill informed about employment law. They frequently believe in a number of myths about the law which are either

More information

BLACKSTONE ALTERNATIVE INVESTMENT FUNDS PLC. (the Company ) An umbrella fund with segregated liability between sub-funds, and its sub-fund

BLACKSTONE ALTERNATIVE INVESTMENT FUNDS PLC. (the Company ) An umbrella fund with segregated liability between sub-funds, and its sub-fund BLACKSTONE ALTERNATIVE INVESTMENT FUNDS PLC (the Company ) An umbrella fund with segregated liability between sub-funds, and its sub-fund (the Fund ) SUPPLEMENT FOR UNITED KINGDOM INVESTORS This Supplement

More information

Series of Shares B, B-6, E, F, F-6, O B, E, F, O O A, B

Series of Shares B, B-6, E, F, F-6, O B, E, F, O O A, B No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. The Funds and their securities offered under this Annual Information Form are

More information

Enterprise Management Incentive Options

Enterprise Management Incentive Options Enterprise Management Incentive Options Contents Overview... 03 Qualifying company... 03 Eligible Employees... 06 Terms and Circumstances under which the option is granted... 06 Disqualifying events...

More information

Governance. Table 1: Remuneration Policy for Executive Directors. Basic salary. Purpose and how it supports the Group s strategic objectives

Governance. Table 1: Remuneration Policy for Executive Directors. Basic salary. Purpose and how it supports the Group s strategic objectives Introduction This section of the report sets out the details of the Remuneration Policy for Executive and Non-Executive Directors of the Company and will be proposed for approval by shareholders at the

More information

Relevant Life Insurance

Relevant Life Insurance For adviser use only. Not approved for use with customers. Relevant Life Insurance Introducing Relevant Life Insurance Retirement Investments Insurance Health Introducing Relevant Life Insurance We ve

More information

Elite Retirement Account

Elite Retirement Account Elite Retirement Account Schedule of Fees & Services This document helps you understand the fees for establishing and administering a SIPP. It also provides you with a comprehensive guide to all costs,

More information

Title IV Treatment of Rollovers from Defined Contribution Plans to Defined Benefit Plans

Title IV Treatment of Rollovers from Defined Contribution Plans to Defined Benefit Plans [Billing Code 7709-02-P] PENSION BENEFIT GUARANTY CORPORATION 29 CFR Parts 4001, 4022, and 4044 RIN 1212-AB23 Title IV Treatment of Rollovers from Defined Contribution Plans to Defined Benefit Plans AGENCY:

More information

All Employee Share Scheme 2013 offer

All Employee Share Scheme 2013 offer Remove this text box and replace with main cover image Dimensions for image: 2.6 in (H) x 10 in (W) DO NOT size/scale disproportionately All Employee Share Scheme 2013 offer Mike Seabrook April 2013 UK

More information

1. Is it common for employees to be offered participation in an employee share plan?

1. Is it common for employees to be offered participation in an employee share plan? Labour and Employee Benefits 2009/10 Volume 2: Employee Share Plans South Africa South Africa Robert Gad, Andrea Coetzee, Hanneke Farrand, Claire Speirs and Edwin Ellis Edward Nathan Sonnenbergs www.practicallaw.com/9-500-1924

More information