The following Share Incentives practice note provides comprehensive and up to date legal information covering:
EMI Review: In the Spring Budget 2020, the government announced that it will review the EMI scheme to ensure that it provides support for high-growth companies to recruit and retain the best talent so they can scale up effectively, and to examine whether more companies should be able to have access to the scheme. This suggests that the government may be considering less restrictive eligibility criteria for companies who wish to offer an EMI scheme, therefore potentially increasing the number of companies who qualify to operate EMI schemes. See News Analysis: Spring Budget 2020—Tax analysis.
The enterprise management incentives (EMI) regime is prescriptive and sets out numerous requirements that must be met at the time the options are granted, including in relation to:
the company granting the options
the employees being granted the options
the shares being placed under option, and
the options themselves
This Practice Note analyses the legislative detail of the trading activities test that companies must satisfy in order to grant EMI options. The Practice Note explains what is meant by a qualifying trade and it highlights relevant HMRC guidance and practical issues relating to it. For details of the EMI qualifying tests relating to a company’s independence, qualifying subsidiaries, gross assets and number of employees, see Practice Note: EMIs—qualifying companies.
For a flowchart determining a company's eligibility to grant EMI options, see: EMI
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Statutory declaration of solvencyA company enters voluntary liquidation when the members of the company vote to do so by a special resolution. For more information, see Practice Note: What is a members' voluntary liquidation (MVL) and where/when is it typically used?Before the members can vote on a
The principles of the notarial act are that it is:•an act of the notary and not of the parties named in the document•a record of a fact, event or transaction•in the form of a document, notwithstanding the form of the underlying document, fact, event or transactionThe purpose of the notarial act is
Involuntary manslaughter—introductionManslaughter can be classified as either voluntary or involuntary. Voluntary manslaughter consists of those killings which would be murder (because the accused has the relevant mental element—hence the label voluntary manslaughter) but which are reduced to
What is a third party debt order (TPDO)?Third party debt orders were previously known as 'garnishee' orders and operated under the regime provided for in CCR Ord 30 and RSC Ord 49 (now revoked). Although the rules in CPR 72 are new, many of the principles with which they are concerned are well
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