The following Share Incentives practice note Produced in partnership with Jeremy Glover of Fenwick Elliott provides comprehensive and up to date legal information covering:
FORTHCOMING CHANGE: The EU Fifth Anti-Money Laundering Directive (5MLD) was published in the EU official journal on 19 June 2018 and came into force on 9 July 2018. 5MLD introduces broader access to information on beneficial ownership of companies and trusts, and tighter controls on certain transactions. In particular, all express trusts (not just those with a UK tax liability in a particular tax year) need to be registered either with the Trusts Registration Service (TRS) (unless an exemption applies) or in an EEA state. The government ran a consultation from 15 April to 10 June 2019, seeking views on the transposition of 5MLD into national law, and the Money Laundering and Terrorist Financing (Amendment) Regulations 2019, SI 2019/1511 were laid before Parliament on 20 December 2019 and came into force from 10 January 2020. The consultation outcome and consultation responses were published on 23 January 2020. On 24 January 2020, the government published a further technical consultation on draft legislation making further amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 to transpose 5MLD in relation to trust registration. The consultation document looked in particular at the types of express trusts that are required to register with TRS under the extended rules and trusts which should be exempt. A summary of responses
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Part 8 of the Corporation Tax Act 2009 (CTA 2009) is a specific corporation tax regime that applies exclusively to the gains and losses of intangible fixed assets. Note, however, that certain intangible fixed assets are excluded from the regime, see Practice Note: Excluded intangible fixed
An ad hoc arbitration is any arbitration in which the parties have not selected an institution to administer the arbitration. This offers parties flexibility as to the conduct of the arbitration, but less external support for the process. It can be quicker than institutional arbitration but not if
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
Overlapping insurance policesThere are various reasons why an insured may end up with overlapping insurance cover, whether deliberately or otherwise.Examples include the situation where the insured takes the benefit of other insurance arranged by another party or where, in the commercial world, risk
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.