The following Share Incentives practice note provides comprehensive and up to date legal information covering:
ARCHIVED: This archived Practice Note provides background reading on the main differences between the SAYE guidance in ESSUM and where it can now be found in ETASSUM. It also details any substantial differences in the guidance. This Practice Note illustrates the position as at December 2015 and is for background purposes only.
On 28 October 2015, HMRC notified its followers of a new Employee Tax Advantaged Share Scheme User Manual (ETASSUM), which can be found on its Gov.uk website. The old guidance contained in the ESSUM is still, at the time of writing, live and can be found here.
The ETASSUM, as its title suggests, covers enterprise management incentives (EMI) schemes, company share option plans (CSOPs), save as you earn (SAYE) schemes and share incentive plans (SIPs). The ETASSUM is not yet in its final form and some of the links are, at the time of writing this Practice Note, still missing. On each page there is a feedback link which can be used to notify HMRC of problems.
The table below provides a summary of where each main SAYE provision was previously found in the ESSUM and where it can now be found in the ETASSUM. It also details any substantial differences in the guidance.
As a general rule, and as expected, the ETASSUM makes the following wholesale changes:
it refers to Schedule 3 SAYE options rather
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Competency—general ruleThe most common way for evidence to be adduced is through the testimony of a witness. A witness is said to be competent if they can, as a matter of law, be called by a party to give evidence. All people are deemed competent to give evidence, whatever their age, at every stage
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Scott Schedules are often very useful in construction disputes. They help to identify the key issues between the parties, and to set out for the judge in a single document a summary of the parties’ rival cases on an item-by-item basis.The need for a Scott Schedule in construction cases arises
This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge provisions•how negative pledges are viewed in the context of security and quasi-security, and•key considerations when drafting a negative pledge clauseWhere
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