The following Share Incentives practice note provides comprehensive and up to date legal information covering:
The government has announced a number of measures in response to the coronavirus (COVID-19) crisis either that relate specifically to the UK tax regime, or that HMRC is administering. For further details, see Practice Note: Coronavirus (COVID-19)—tax implications. This Practice Note provides a high level picture of some of the ways that the coronavirus crisis may impact subsisting tax-advantaged share schemes and keeps abreast of the changes in guidance and legislation released by HMRC.
This Practice Note also looks at how companies can deal with underwater share options and unsuitable performance conditions resulting from the subsequent economic climate. These sections are relevant to all share plans.
The Coronavirus job retention scheme (CJRS), announced on 20 March 2020, provides support to UK employers with a grant to enable them to continue paying up to 80% of their employees’ salary not worked (up to £2,500 per employee per month) for those employees that have been ‘furloughed’ during the coronavirus outbreak (backdated to 1 March 2020 and originally available until the end of October 2020 (with, from August 2020, ‘greater flexibility’ for furloughed workers to be able to return to work part-time)) provided that, among other things, those employees were on the relevant business’ PAYE payroll on or before 19 March 2020 and which were notified to HMRC
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Unlike many other countries, the UK has no unfair competition law. Brand owners seeking to prevent competitors from marketing ‘copycat’ products or using misleading advertising have to rely on a combination of different intellectual property rights. These rights include the common law right to
This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
BREXIT: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance on
Coronavirus (COVID-19): During the current pandemic, legislation and changes to practice and procedure in the courts and tribunals have been introduced, which affect the following:•proceedings for possession•forfeiture of business leases on the grounds of non-payment of rent•a landlord's right to
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