Share Incentives weekly highlights—26 October 2023

Table of contents

• Tax treatment
• Supreme Court rules that share option was employment-related securities option by virtue of deeming provision (Revenue and Customs Commissioners v Vermilion Holdings Limited (Scotland))
• HMRC publishes minutes from the Share Schehmes Forum on 15 June 2023
• Company law, governance and regulatory issues
• FCA and PRA publish PS9/23, confirming removal of the bonus cap
• EOA report on employee share ownership
• Employment issues
• Clawback provisions in bonus terms were not a restraint of trade—Steel v Spencer Road LLP
• Useful Information
• Proprietary estoppel after Guest—a family business (Winter v Philip Winter)

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Article summary

This week's edition of Share Incentives weekly highlights includes: (1) the Supreme Court’s judgement in the case of Revenue and Customs Commissioners v Vermilion Holdings Limited (Scotland), (2) a joint policy statement from the PRA and the FCA which confirms the removal of the ‘bonus cap’, (3) publication of the minutes of HMRC’s Share Schemes Forum held on 15 June 2023 and (4) the decision in Steel v Spencer Road LLP that a bonus clawback provision was not a restraint of trade.