On November 21, 2023, the Canadian Department of Finance (“Finance”) released its 2023 Fall Economic Statement (“FES 2023”). The focus of FES 2023 was on affordability measures, particularly with respect to housing. New...more
In the case of Ponticelli Limited v Gallagher, the Scottish Court of Session has confirmed that the right to participate in a share incentive plan transferred to the transferee / new employer under TUPE even though the...more
Companies that award shares, options or other securities to UK employees, directors or officer holders need to be aware of the July 6 deadline to submit an annual return to HMRC. The requirement covers any form of equity...more
On 12 April 2023, the Federal Ministry of Finance and the Federal Ministry of Justice published the draft bill for a law on the financing of future-proof investments (Zukunftsfinanzierungsgesetz – “ZuFinG-E“). The draft...more
On 10 February 2023, the national social partners concluded an interprofessional collective bargaining agreement ("ANI") on value-sharing, which has since been signed by the majority of the representative unions....more
From 6 April 2023, a couple of changes to the UK Enterprise Management Incentive (EMI) scheme and the Company Share Option Plan (CSOP) will take effect automatically. We’ve summarised and provided FAQs for these changes...more
HM Revenue and Customs (HMRC) has issued guidance on the inclusion and use of discretions awarded to directors in Enterprise Management Incentive (EMI) share option plans. While this is generally welcome, caution is still...more
Orrick's Founder Series offers monthly top tips for UK startups on key considerations at each stage of their lifecycle, from incorporating a company through to possible exit strategies. The Series is written by members of our...more
The requirements under Chapter 17 of the Listing Rules applicable to share option schemes will also govern share award schemes under the amendments that will become effective 1 January 2023. Both share option schemes...more
EMI options are a form of option which benefit from very generous tax reliefs. The conditions relating to the company, the option holder and the option agreement are quite complex. Technical errors are, unfortunately,...more
Employee share schemes are widely used by UK companies as a key tool in the recruitment, retention and incentivisation of the workforce. By allowing employees to acquire a stake in the business in which they are employed,...more
Following the expiration of the European Commission (the Commission) state aid approval for the UK's Enterprise Management Initiative (EMI) scheme on 6 April 2018, we are pleased to report that the period of uncertainty is...more
HMRC recently issued an important bulletin in relation to EMI schemes. This bulletin will be of interest to those clients who intend to grant EMI share options in the near future....more
Following the 2017 Budget presented before Parliament on 22 February 2017, the draft tax legislation for the specific tax proposals was released on 19 July 2017 for comment. Comments should be made by 18 August 2017. ...more
New legislation due to come into force in April 2017 requiring employers to publish details of their average pay for men and women - New Gender Pay Gap Reporting obligations are expected to come into force in April 2017....more
The statement is tax light, but there is continued focus on carried interest. On 25 November, the UK Chancellor of the Exchequer George Osborne made a number of tax-related announcements in the 2015 Autumn Statement and...more
The law for growth, activity and equal opportunities, known as “Macron Law” (hereafter referred as “the Law”) has been approved on 6 August, 2015. From the reform of the procedure before employment tribunals to the...more
In order to avoid penalties, companies should be sure to complete mandatory online registrations well in advance of the 6 July deadline. Companies which operate employee share plans in the UK are required to make a...more
Over the years the UK has seen a variety of tax efficient schemes available to incentivize management; and in 2014 the Employee Shareholder Status (ESS) regime was added into the mix. ESS essentially allows an employee...more