Taxable relevant trust definition

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Establishing a share incentive plan (SIP) and granting SIP awards—all-encompassing resource pack

Establishing a share incentive plan (SIP) and granting SIP awards—all-encompassing resource pack For more general information on share incentive plans (SIPs), see Practice Note: What is a share incentive plan? Step Details of step Lexis®PSL resources required to implement step Timing of step 1 Determine whether the company qualifies to operate a SIP. The SIP regime is prescriptive and sets out numerous requirements that must be met at the time the awards are granted, including in relation to the company granting the awards. It is essential to establish whether the company whose shares are being granted under award qualifies to operate a SIP first. The proposed award holder(s) must also meet certain requirements in order to be granted SIP awards. For further detailed information on the SIP eligibility requirements relating to the company, see Practice Note: SIPs—qualifying companies and type of shares. For further detailed information on the SIP eligibility requirements relating to the employee, see Practice Note: SIPs—who can be granted an award? For a checklist...

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Trust Registration Service (TRS)—table of registration requirements and deadlines

Trust Registration Service (TRS)—table of registration requirements and deadlines This Practice Note sets out when there is an obligation to register a trust with the Trust Registration Service (TRS). The information in this table is taken from the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended by the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 (MLR 2020), SI 2020/991 and the Money Laundering and Terrorist Financing (Amendment) Regulations 2022 (MLR 2022), SI 2022/137. On 15 March 2021, HMRC announced that the original deadline of 10 March 2022 for registering trusts with the TRS which are required to be registered as a result of the EU’s Fifth Anti-Money Laundering Directive (EU) 2018/843 (5MLD) and MLR 2020, SI 2020/991, would be extended for approximately 12 months from the date on which the expanded TRS was delivered. The expanded TRS became available to all customers on 1 September 2021. It was announced that the deadline for...

SIPs—requirements relating to the trust and the trustee

SIPs—requirements relating to the trust and the trustee The share incentive plan (SIP) legislation is very prescriptive in relation to the nature of the trust that is required to operate in conjunction with a SIP, and the permitted rights and obligations of the trustees. Therefore, it is likely that the introduction of any new SIP will also necessitate the establishment of a new trust at the same time. This Practice Note looks at what requirements apply to SIP trusts as well as the trustees of such trusts. Requirement for trustees The trust is a key element of the SIP. In order to operate a SIP, it must provide for the establishment of a body of trustees consisting of persons resident in the UK. Therefore, each and every person acting as trustee, whether an individual or a corporation, must be resident in the UK. Most publicly listed companies operating SIPs have a single professional corporate trustee but the trustees can also be a collection of at least two...