Entrepreneurs' Relief and Growth Shares
|
|
- Monica Primrose Fox
- 8 years ago
- Views:
Transcription
1 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 incentive arrangements can be structured using growth shares which qualify for ER. ER also applies to disposals of businesses and assets used in businesses but these are not dealt with here. The rate of capital gains tax is 28% (or 18% for individuals with income and chargeable gains below the higher rate income tax threshold). An individual who qualifies for ER, by contrast, is taxed 10% on chargeable gains up to a lifetime limit of 10 million. ER is therefore a very valuable relief as it enables individuals to save up to 1.8 million of capital gains tax. Conditions For an individual to qualify for ER, throughout the period of one year ending with the date of the disposal, the following conditions must be met: a) The company must be the individual's "personal company" A personal company is a company in which the individual holds at least 5% of the ordinary share capital (when tested by nominal value) and exercises at least 5% of the voting rights by virtue of his or her holding. Ordinary shares are (broadly) all shares in issue other than fixed rate preference shares 1. The test does not relate to economic rights so it is possible to create a class of shares with less than 5% economic rights that still qualify. There is no need for the shares to be paid up so nil paid or partly paid shares can qualify. ER applies to "interests in shares" as well as shares so jointly owned shares can qualify. The legislation requires an apportionment, however, where shares are held jointly so as to treat the holder as the beneficial owner of only so many shares as is "proportionate to the value of the individual's share" for the purposes of the 5% test. If a company has shares under option these are often exercised immediately before an exit by way of a sale. The issue of additional shares immediately prior to completion may cause other holdings to be reduced to below the 5% threshold immediately prior to disposal. The 5% test must be met for one year prior to "the date of" disposal. HMRC have confirmed (at ICAEW Tax Faculty Guidance Note, Example A7) that they do not consider the test to be failed in these circumstances. b) The individual must be an officer or employee of the company (or a company in the same trading group) There is no minimum number of hours that an employee is required to work to qualify. An office is any position which has an existence independent of the person who holds it and is capable of being filled by successive holders. Case law indicates that the position should be a permanent, substantive position. c) The company must be a trading company or the holding company of a trading group 1 A fuller definition of "ordinary shares" (although still paraphrased slightly) is all the company's issued shares by whatever name called other than shares which give the holder a right to participate in a dividend at a fixed rate but which have no other right to share in the company's profits.
2 A "trading company" means a company carrying on trading activities whose activities do not include (to a substantial extent) non-trading activities. HMRC have issued guidance (at CG64090) which suggests a company is a trading company if no more than 20% of turnover is from investments, no more than 20% of assets on the balance sheet are nontrading assets and no more than 20% of management time is spent on non-trading activities. HMRC apply the guidance "in the round" so, for example, HMRC will usually accept the test is satisfied where cash exceeds 20% of assets on the balance sheet if the cash is necessary working capital. It is also possible to add goodwill and intangible assets not shown on the balance sheet to expand the denominator for the purposes of the guidance. We also understand (despite what a strict reading of the guidance would suggest) HMRC are prepared to accept a company is a trading company where it has cash in excess of necessary working capital if it has been generated from trading activities. A "trading group" means a group of companies in which one or more members carry on trading activities and the members' activities, when taken together, do not include (to a substantial extent) nontrading activities. "Trading activities" include not just activities carried on by a company in the course of its trade but in preparing to carry on a trade or with a view to starting or acquiring one or where it proposes to acquire a trading company or the holding company of a trading group in circumstances where it will become a subsidiary. A company is also a trading company if it owns or is proposing acquire an interest of between 10% and 50% of the ordinary share capital of a "joint venture company" (being a trading company or the holding company of a trading group which is at least 75% owned by five or fewer people). It is possible to apply to the HMRC Clearances Team to request confirmation in advance of a disposal as to whether a company meets the trading company tests. Key Points Special rules apply to shares acquired pursuant to "Enterprise Management Incentive" options. The one year ER holding period runs from the grant of the EMI option and the personal company test does not apply. The relaxation of the ER rules as they apply to EMI options makes these very attractive. A separate fact sheet is available on EMI. ER must be claimed on or before the first anniversary of 31 January following the tax year of disposal. If an individual disposes of shares in 2014/15, for example, he or she must claim the relief by 31 January It makes more sense, however, to claim ER when the tax is due so tax is only be paid at 10%. Once an individual satisfies the ER conditions, it can be claimed on the disposal of any securities or interests in securities in the same company. It would be possible, for example, for an employee who qualifies for ER (because he or she has held sufficient shares for more than one year) to acquire further shares and sell these within a year and to claim ER on the sale of the shares held for less than a year. ER also applies to disposals made within three years after a company ceases trading providing the conditions were met in the year prior to cessation. Planning Opportunities Share-based awards to employees should generally be structured as EMI options where possible as the ER conditions are easier to satisfy. Where the EMI conditions are not satisfied careful structuring may be necessary. Case Study "Growth Shares"
3 We implemented a growth share arrangement for a venture owned company in the healthcare sector to allow four key members of the management team to qualify for ER. The investor held over 90% of the voting rights in the company and agreed to dilute its voting rights to 80% to allow the four key members of the team to qualify. We created five classes of growth shares, four with voting rights of 5% per class and a fifth non-voting class for other employees. The growth shares were entitled to a specified percentage of exit consideration achieved above a threshold - the percentage increased depending on the exit value achieved. The investor held some preference shares with a relatively high nominal value but these were not "ordinary share capital" for these purposes (as their only entitlement to participate in profits was through a fixed rate dividend) so it allowed us to set the par value of the growth shares at an affordable price. Management made elections pursuant to section 431(1) ITEPA 2003 to pay income tax on the unrestricted market value of the growth shares. We agreed with HMRC the shares were worth no more than par so management had no income tax to pay on acquisition. Case Study "Joint Venture Company" We implemented a more sophisticated arrangement for another venture owned company which allowed 14 employees to qualify for ER by satisfying the "joint venture company" test. The investor held 94% of the voting rights of the trading company and the remaining 6% was held by a minority shareholder. Neither investor gave up any voting rights under this arrangement. We established a management company ("Manco") which subscribed for a class of non-voting growth shares in the trading company representing 10% of the ordinary share capital. We created 14 classes of growth shares in Manco each of which was entitled to 5% of the voting rights of Manco as a class and each of which had different nominal values so as to ensure each employee satisfied the 5% by nominal value test. The series 1-14 growth shares were "streamed shares" in that the economic rights mirrored the economic rights of the growth shares in the trading company owned by Manco. The balance of the share rights in Manco were held by the investor which also had extensive shareholder consent rights. Participants subscribed for the series 1-14 shares in Manco and were appointed as directors of Manco. They will qualify for ER on the disposal of their shares in Manco (assuming the disposal occurs more than a year after they acquired their Manco shares). The arrangement requires any purchaser of the trading company to buy shares in Manco to be effective but, in our experience, secondary sales of this sort are more common than is often supposed. This paper is based on the law as at 15 April 2014.
4 About Bird & Bird Bird & Bird is an international commercial law firm with more than 1,100 lawyers in 26 offices worldwide. Bird & Bird's UK employee incentives and benefits team is ranked in the UK's editions of Chambers and the Legal 500. The team: "is known for its capacity in handling complex international mandates, particularly on behalf of technology sector clients" "is adept at implementing new share scheme plans and at advising upon the share plan aspects of corporate transactions" "contains a number of quality individuals and is doing some impressive international work" "are pragmatic in their advice [and] recognise what we need to do in order to get to a favourable outcome" "are very knowledgeable about the different alternatives open to us and provide us with very appropriate advice" For more information or a free initial meeting please contact: Chambers and Partners 2014 Colin Kendon Partner and Head of UK Employee Incentives & Benefits D: +44 (0) colin.kendon@twobirds.com Fleur Benns Legal Director D: +44 (0) fleur.benns@twobirds.com Dan Sharman Associate D: +44 (0) dan.sharman@twobirds.com
5 For information on tax issues more generally please contact: Mathew Oliver Partner & Head of UK Tax Group D: +44 (0) This document gives general information only as at the date of first publication and is not intended to give a comprehensive analysis. It should not be used as a substitute for legal or other professional advice, which should be obtained in specific circumstances. twobirds.com Bird & Bird LLP is a limited liability partnership, registered in England and Wales with registered number 0C and is authorised and regulated by the Solicitors Regulation Authority. Its registered office and principal place of business is at 15 Fetter Lane, London EC4A 1JP. Bird & Bird is an international legal practice comprising Bird & Bird LLP and its affiliated and associated businesses and has offices in the locations listed on our web site: twobirds.com. The word partner is used to refer to a member of Bird & Bird LLP or an employee or consultant, or to a partner, member, director, employee or consultant in any of its affiliated and associated businesses, who is a lawyer with equivalent standing and qualifications. A list of members of Bird & Bird LLP, and of any non-members who are designated as partners and of their respective professional qualifications, is open to inspection at the above address.
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 informationLong 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 informationShares 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 informationUK Employee Incentives and Benefits
UK Employee Incentives and Benefits About our UK Employee Incentives and Benefits Team The UK Employee Incentives and Benefits team at Bird & Bird design, draft and implement employee share plans and other
More informationEmployee 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 informationInformation. Company buy-back of shares: Proceed with caution! Golden rules. Date of payment for shares
Information May 2013 Company buy-back of shares: Proceed with caution! Head Office 3 Lonsdale Gardens Tunbridge Wells Kent TN1 1NX T 01892 510000 F 01892 540170 Thames Gateway Corinthian House Galleon
More informationEnterprise 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 informationST 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 informationTax Relief & Incentives for Start-ups
Tax Relief & Incentives for Start-ups London Tech Week 17 June 2015 Tax Relief & Incentives for Start-ups London Tech Week 17 June 2015 2 www.laytons.com Introduction The UK offers a highly favourable
More information24. Accounting for groups and the preparation of consolidated accounts
24. Accounting for groups and the preparation of consolidated accounts Introduction 24.1. All charities preparing consolidated accounts, whether as a requirement of company or charity law or on a voluntary
More informationRELEVANT 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 informationthe benefits of relevant life policies
the benefits of relevant life policies Welcome to our guide to relevant life policies. This guide explains the benefits of taking out a stand-alone single life policy on the life of an employee, and gives
More informationThe Seed Enterprise Investment Scheme ( SEIS ) and the Enterprise Investment Scheme ( EIS )
The Seed Enterprise Investment Scheme ( SEIS ) and the Enterprise Investment Scheme ( EIS ) Some Frequently Asked Questions The questions set out below are some that we are commonly asked in relation to
More informationThe 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 informationMinimising tax liability in business sales
Minimising tax liability in business sales Minimising tax liability in business sales Introduction For many entrepreneurs the real reward for the risks and efforts taken in developing a business is the
More informationBuying and selling an unincorporated business
Introduction This section covers the main tax issues that arise when buying or selling a business owned by a sole trader, a partnership or a company. The tax consequences differ, depending on whether the
More informationTax 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 informationSHARE PROTECTION TECHNICAL GUIDE YOUR GUIDE TO SHARE PROTECTION.
SHARE PROTECTION TECHNICAL GUIDE YOUR GUIDE TO SHARE PROTECTION. CONTENTS INTRODUCTION YOUR GUIDE TO SHARE PROTECTION HOW THE AGREEMENT OPERATES WHAT ARE THE main TAXATION EFFECTS ON THE ARRANGEMENT? OTHER
More informationGUIDE. Entrepreneurs. A guide to investment jargon
GUIDE Entrepreneurs A guide to investment jargon What does this guide cover? Angel investors, venture capital funds, accountants, lawyers and fundraisers use jargon. To anyone raising funds for the first
More informationRULES 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 informationSeed Enterprise Investment Scheme
Seed Enterprise Investment Scheme The Enterprise Investment Scheme (EIS) has been in place for a number of years and provides tax relief for individuals prepared to invest in new and growing companies.
More informationRolls-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 informationFINANCIAL REPORTING STANDARDS FRS 9
CONTENTS SUMMARY Paragraph FINANCIAL REPORTING STANDARD 9 Objective Scope 2-3 Definitions 4-5 Applying the key definitions in practice 6-17 A joint arrangement that is not an entity 8-9 A joint venture
More informationShare reorganisations, company takeovers and Capital Gains Tax
Helpsheet 285 Tax year 6 April 2013 to 5 April 2014 Share reorganisations, company takeovers and Capital Gains Tax A Contacts This helpsheet discusses share reorganisations involving shares held by individuals,
More informationFor 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 informationGuide 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 informationIndividual 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 informationyour 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 informationCHAPTER 3 TAX RELIEFS
CHAPTER 3 TAX RELIEFS Tolley Exam Training EIS Diploma December 2014 Disclaimer Tolley takes every care when preparing this material. However, no responsibility can be accepted for any losses arising to
More informationRelevant Life Policy. Technical Guide for Employers and Employees
Relevant Life Policy Technical Guide for Employers and Employees What is a Relevant Life Policy? A Relevant Life Policy: is a term assurance effected by an employer on the life of an employee and funded
More informationSocial Investment Tax Relief (SITR) - investors
Social Investment Tax Relief (SITR) - investors What is SITR - how does it affect me? SITR provides a range of income and capital gains tax reliefs which can be claimed by individual investors for investments
More informationAn Introduction to the Enterprise Investment Scheme (EIS) Version 4 Contents Part 1 EIS and the investor PART 2 EIS and the company
An Introduction to the Enterprise Investment Scheme (EIS) Version 4 This print reflects the EIS legislation and HMRC online guidance as at November 2011. If it is some time since you printed it, you may
More informationExit planning Realising the best value for your business. Corporate finance PRECISE. PROVEN. PERFORMANCE.
Exit planning Realising the best value for your business Corporate finance PRECISE. PROVEN. PERFORMANCE. Exit planning Realising the best value for your business The decision to sell your business is not
More informationStock Dividends. Stock Dividends and Stock Splits. Amount of Stock Dividend. Created in 2006 By Michael Worthington Elizabeth City State University
Stock Dividends and Stock Splits Created in 2006 By Michael Worthington Elizabeth City State University Stock Dividends Stock Dividends consist of additional shares of issued to current stockholders (instead
More informationtechnical factsheet 177 Company purchase of own shares
technical factsheet 177 Company purchase of own shares CONTENTS 1. Introduction 2. Legal aspects 3. Taxation 4. Accounting 5. Reporting 6. General business planning issues 7. Ethical considerations for
More informationThere are a number of ways for both private and public. How to handle purchase of own company shares. The big read. Insight and analysis.
Insight and analysis www.taxjournal.com The big read How to handle purchase of own company shares Speed read Where a company purchases its own shares, it is commonly referred to as a share buyback. A share
More informationKEY GUIDE. Selling a business the key issues
KEY GUIDE Selling a business the key issues Key issues There are a variety of reasons why you might want to sell your business. Probably the most common situation is when you want to retire, but maybe
More informationEPISODE 1 VENTURES SUMMARY OF TERMS FOR SALE OF SERIES SEED SHARES
EPISODE 1 VENTURES SUMMARY OF TERMS FOR SALE OF SERIES SEED SHARES Company [Company] Founders [Founder 1], [Founder 2], & [Founder 3] Investors Structure of Financing Conditions to Close Estimated Closing
More informationEnterprise Investment Scheme Compliance Statement
Enterprise Investment Scheme Compliance Statement There is a time limit for sending this form (read note 2 on page 5 for details). Please read the notes before filling in this form. If there is not enough
More informationFor 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 information1.1 The investment All shares must be paid up in full, in cash, when they are issued.
Introduction The Enterprise Investment Scheme (EIS) is designed to help smaller higher-risk trading companies to raise finance by offering a range of tax reliefs to investors who purchase new shares in
More informationScrip 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 informationNew UK Premium and Standard Listing Regime.
March 2010 New UK Premium and Standard Listing Regime. The new premium and standard segments of the UK listing regime take effect on 6 April and the FSA has now published the final rule amendments needed
More informationA brief guide to the Enterprise Investment Scheme
www.pwc.co.uk A brief guide to the Enterprise Investment Scheme Updated to Finance Act 2013 This document is for general guidance only. Action should not be taken without obtaining specific advice July
More informationCORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS
1. INTRODUCTION CORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS 1.1 This note, prepared on behalf of the Company Law Committee of the City of London Law Society ( CLLS ), relates to BIS request for
More informationNew FSA rules on disclosure of interests in UK companies
New FSA rules on disclosure of interests in UK companies The FSA s new rules on Disclosure of Contracts for Difference, which come into force on 1 June 2009, will considerably extend the scope of the disclosure
More informationTAXATION INFORMATION. Purchases of Ordinary Shares by the Mondi Incentive Schemes Trust Trustees
TAXATION INFORMATION South African taxation The following is a general summary of the South African tax implications for Ordinary Shares held by South African tax residents included in the Odd-lot Offer,
More informationQUICK 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 informationAIG Life. AIG Relevant Life Insurance. Adviser guide
AIG Life AIG Relevant Life Insurance Adviser guide Contents The basics 4 What is relevant life insurance? 4 Who is it suitable for? 4 What are the conditions that have to be met for relevant life insurance?
More informationSocial Investment Tax Relief (SITR)
Social Investment Tax Relief (SITR) The legislation governing SITR will not become law until the Finance Bill receives Royal Assent, expected to be in July 2014. This guidance is based on HM Revenue and
More informationInsolvency: a glossary of terms
INFORMATION SHEET 41 Insolvency: a glossary of terms This is a brief explanation of some of the terms you may come across in company insolvency proceedings. Please note that this glossary is for general
More informationIRELAND EMPLOYEE BENEFITS SHARE INCENTIVE SCHEMES MAY 2013
IRELAND EMPLOYEE BENEFITS SHARE INCENTIVE SCHEMES MAY 2013 CONTENTS Page No 1 Introduction...3 1.1 Share incentive schemes...3 1.2 Types of share incentive schemes...3 1.3 How we can help...4 2 Share /
More informationGuide to completing Company Share Option Plan (CSOP) annual return attachment
Guide to completing Company Share Option Plan (CSOP) annual return attachment The company secretary or the person acting as the company secretary must complete an online endof-year return on or before
More informationThe 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 informationCompany Purchase of Own Shares Help Sheet
Most payments made by a company to its shareholders in respect of their shares will be qualifying distributions and may be subject to Income Tax. This help sheet provides information to help you understand,
More informationCYPRUS TAX CONSIDERATIONS
TAXATION The following summary of material Cyprus, US federal income and United Kingdom tax consequences of ownership of the GDRs is based upon laws, regulations, decrees, rulings, income tax conventions
More informationWhat this Ruling is about
Page status: legally binding Page 1 of 12 Class Ruling Income tax: return of capital: Alliance Resources Limited Contents LEGALLY BINDING SECTION: Para What this Ruling is about 1 Date of effect 7 Scheme
More informationEmployee 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 informationNotices of Meetings and Explanatory Notes
Notices of Meetings and Explanatory Notes E E Notices of Meeting and Explanatory Notes NOTICE OF COURT ORDERED SCHEME MEETING BORAL LIMITED ACN 000 051 696 NOTICE IS GIVEN that by an Order of the Supreme
More informationLimited Liability Partnerships Uses In Venture Capital Structures. January 2004
January 2004 1 Introduction 1.1 The purpose of this memorandum is to introduce the UK limited liability partnership ( LLP ) as provided for in the Limited Liability Partnerships Act 2000 and to consider
More informationReal estate transfer tax (RETT) Blocker
Real estate transfer tax (RETT) Blocker General information of RETT and previous RETT blocker structure Sale HoldCo 94 % 6 % Third Party (e.g. ) 0 % Blocker Partnership In general, German real estate transfer
More informationPROPOSED ISSUE OF ZERO COUPON CONVERTIBLE BONDS DUE 2012 AND RESUMPTION OF TRADING
The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever
More informationCHAPTER NINE Group accounts
CHAPTER NINE Group accounts 9.1 GROUP ACCOUNTS 9.1.1 Introduction 9.1.1.1 Authorities shall account for Group Accounts in accordance with IFRS 3 Business Combinations, IAS 27 Consolidated and Separate
More informationtes for Guidance Taxes Consolidation Act 1997 Finance Act 2014 Edition - Part 13
Part 13 Close companies CHAPTER 1 Interpretation and general 430 Meaning of close company 431 Certain companies with quoted shares not to be close companies 432 Meaning of associated company and control
More informationSUNCORP 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 informationDownloaded from Datalog http://www.datalog.co.uk REGISTERED NUMBER: 04110533 (England and Wales)
REGISTERED NUMBER: 04110533 (England and Wales) Abbreviated Unaudited Accounts for the Year Ended 31 March 2013 for RIDGEWAY PHONES LIMITED RIDGEWAY PHONES LIMITED (REGISTERED NUMBER: 04110533) Contents
More informationHow to qualify as a uk-reit
REITS REAL ESTATE INVESTMENT TRUSTS How to qualify as a uk-reit Chris Luck & Michael Cant, Nabarro LLP The UK-REIT regime The UK-REIT regime is set out in Part 4 of the Finance Act 2006 (as updated by
More informationFSA paper on conflicts of interest between asset managers and their customers
November 2012 FSA paper on conflicts of interest between asset managers and their customers The FSA issued a warning to asset managers to step up their compliance with FSA rules relating to conflicts of
More informationCross Border Tax Issues
Cross Border Tax Issues By Reinhold G. Krahn December 2000 This is a general overview of the subject matter and should not be relied upon as legal advice or opinion. For specific legal advice on the information
More informationDIVIDEND REINVESTMENT PLAN
DIVIDEND REINVESTMENT PLAN TPG Telecom Limited ABN 46 093 058 069 DRP February 2009 1 Summary of the Rules The TPG Telecom Dividend Reinvestment Plan (DRP or the Plan ) allows shareholders in TPG Telecom
More informationCompanies Act 2006. Capital reductions and share buybacks. April 2008
Companies Act 2006 Capital reductions and share buybacks April 2008 Introduction Under the Companies Act 2006, private companies will from 1 October 2008 be able to make a reduction of capital without
More informationKnowhow briefs Without Prejudice
Knowhow briefs Without Prejudice Executive Summary: Without Prejudice ( WP ) communications made in a genuine attempt to settle a dispute may not be used in court as evidence of an admission. WP communications
More informationThe SWAIN guide to taxation issues and EIS
The SWAIN guide to taxation issues and EIS The SWAIN guide to taxation issues and EIS The South West Angel and Investor Network (SWAIN) connects private investors or Business Angels with companies looking
More informationNew board pay rules are they working? Key statistics
New board pay rules are they working? Key statistics Linklaters Incentives Practice New board pay rules are they working? Many of the world s largest companies rely on our global incentives practice to
More informationShare option plan. CROSS-BORDER HANDBOOKS www.practicallaw.com/employeeshareplanshandbook 125
Switzerland Switzerland Ueli Sommer and Rosemarie Knecht, Walder Wyss & Partners www.practicallaw.com/4-373-5954 GENERAL 1. Is it common for employees to be offered participation in an employee share plan?
More informationDownloaded from Datalog http://www.datalog.co.uk
WEBSITES AND SEO SERVICES LTD ABBREVIATED UNAUDITED ACCOUNTS FOR THE PERIOD 5 JULY 2012 TO 31 JULY 2013 WEBSITES AND SEO SERVICES LTD (REGISTERED NUMBER: 08131968) CONTENTS OF THE ABBREVIATED ACCOUNTS
More informationLAND SECURITIES GROUP PLC (incorporated and registered in England and Wales under the Companies Act 1985 with registered number 4369054)
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to the action you should take, you are recommended to seek immediately your own personal financial advice from
More informationBLACKSTONE 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 informationSHAREVIEW. Your guide. to tax planning for your Sharesave maturity. Keeping it simple
SHAREVIEW Your guide to tax planning for your Sharesave maturity Keeping it simple Typically, when a Sharesave contract matures and the options are exercised, no tax liability is incurred at that stage.
More informationGOING FOR. Dairy Crest Group plc Notice of Twentieth Annual General Meeting
GOING FOR Dairy Crest Group plc Notice of Twentieth Annual General Meeting THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to what action you should take, you
More informationinvesting in the Company (including, without limitation, investment in securities and other interests in the Company);
The Trust Deed is a complex document and the following is a summary only. Recipients of this prospectus and all prospective investors should refer to the Trust Deed itself to confirm specific information
More informationEngland 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 informationOne Strand Trafalgar Square London England WC2N 5HR. www.braemar.com
One Strand Trafalgar Square London England WC2N 5HR www.braemar.com (incorporated and registered in England and Wales under company registration number 02286034) Contents PART 1 Letter from the Chairman
More informationBGLOBAL PLC. (Incorporated and registered in England and Wales under the Companies Act 1985 with company number 5950551)
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in doubt as to what action you should take, you are recommended to seek your own financial advice immediately from your stockbroker,
More informationHow To Invest In A Bpo Isa
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 informationAn Introduction to the Enterprise Investment Scheme (EIS) Version 3 Contents Part 1 EIS and the investor PART 2 EIS and the company
An Introduction to the Enterprise Investment Scheme (EIS) Version 3 This print reflects the EIS legislation and HMRC online guidance as at January 2011. If it is some time since you printed it, you may
More informationA guide to investing. Appendix 10 Choice of business entity
A guide to investing in Wales Appendix 10 Choice of business entity August 2013 Appendix 10 Choice of business entity 1. Principal forms of doing business Business organisations in the UK usually take
More informationConsolidated and Separate Financial Statements
Compiled Accounting Standard AASB 127 Consolidated and Separate Financial Statements This compiled Standard applies to annual reporting periods beginning on or after 1 July 2007. Early application is permitted.
More informationBrand Management Services
Brand Management Services About Bird & Bird Since 1898 Bird & Bird has led the way in protecting the ideas that have made some of the world s greatest brands successful. It s the firm s excellence in client
More informationStocks & 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 informationAbout insolvency. Information for individuals and companies
About insolvency Information for individuals and companies BUSINESS WITH CONFIDENCE icaew.com/insolvency Contents Introduction 01 What is insolvency? 01 What does an insolvency practitioner do? 02 Who
More informationScrip Dividend Scheme
Scrip Dividend Scheme Scrip Dividend Scheme The following explains how the Scheme operates and sets out further details and terms of the Scheme. 1. What is the Scheme? The Scheme enables you to receive
More informationSubscription Shares. Understanding the bonus issue of subscription shares
Subscription Shares Understanding the bonus issue of subscription shares Contents Subscription Shares 3 Fidelity Investment Trust Subscription Shares 4 Converting Subscription Shares 5 Subscription Shares
More informationCreditors voluntary liquidation
Creditors voluntary liquidation a guide for unsecured creditors Association of Business Recovery Professionals Creditors voluntary liquidation occurs where the shareholders, usually at the directors request,
More informationThe issue by Octopus Apollo VCT plc of Scheme Shares in connection with the acquisition of the assets and liabilities of Octopus VCT plc
24 October 2014 Octopus Apollo VCT plc The issue by Octopus Apollo VCT plc of Scheme Shares in connection with the acquisition of the assets and liabilities of Octopus VCT plc Offer for Subscription by
More information31 October (paper filing) 31 January (Electronic Filing)
Worldwide personal tax guide 2013 2014 United Kingdom Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible HM Revenue and Customs (HMRC) www.hmrc.gov.uk 6 April
More informationKEY PERSON PROTECTION TECHNICAL GUIDE YOUR GUIDE TO KEY PERSON PROTECTION.
KEY PERSON PROTECTION TECHNICAL GUIDE YOUR GUIDE TO KEY PERSON PROTECTION. 2 KEY PERSON PROTECTION TECHNICAL GUIDE CONTENTS INTRODUCTION YOUR GUIDE TO KEY PERSON PROTECTION WHAT ARE THE TAXATION EFFECTS?
More informationCOMPANY SHARE BUY BACK GUIDE COMPANY SHARE BUY BACK GUIDE.
COMPANY SHARE BUY BACK GUIDE COMPANY SHARE BUY BACK GUIDE. 2 COMPANY SHARE BUY BACK GUIDE CONTENTS INTRODUCTION 3 WHAT IS THE AIM OF THE AGREEMENT? 4 HOW DOES THE ARRANGEMENT WORK? 4 WHY IS AN AGREEMENT
More informationTerms and conditions of the New Generation Personal Pension SIPP Option execution-only stock broking and fund supermarket. Reference MPEN8/D 09.
Terms and conditions of the New Generation Personal Pension SIPP Option execution-only stock broking and fund supermarket Reference MPEN8/D 09.14 Contents Page Our appointed stockbroker 3 Responsibility
More informationAn Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent Customer
An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent Customer November 2011 1 An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent
More information