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PISCES – Key questions answered

With the legal framework now in place for the Private Intermittent Securities and Capital Exchange System ("PISCES") regime to become operational, in this briefing we answer the key questions that clients are asking about this innovative trading platform for private companies.

Salary sacrifice arrangements

With employer's National Insurance contributions (NICs) now at 15% and tax bands frozen, salary sacrifice arrangements are an increasingly popular choice for employees and employers looking to reduce their costs. These arrangements involve employees "sacrificing" their right to a portion of their pre-tax salary or bonus in exchange for non-cash benefits such as pension contributions and cycle-to-work schemes.

Share Plan Annual Returns – file by 6 July 2025 to avoid penalties!

If you operated an employee share plan or arrangement during the 2024/25 tax year, now is the time to start thinking about your annual employee share plan reporting obligations.  Annual returns for the last tax year must be filed online with HM Revenue & Customs (HMRC) by 6 July 2025 and are due in respect of all the employee share plans or arrangements you had in place during that period, even if there has been no activity.

From Manifesto to Budget: Non-doms: How will Labour Move Forward?

In the second episode of this series, Partner Mahesh Varia, Senior Associate Claire Prentice and Trainee Michelle Soo from our Tax team, discuss the potential reforms to the tax treatment of individuals who are not UK-domiciled ("non-doms") in the upcoming Autumn Budget 2024. They cover the Labour party's election manifesto, updates by the new Labour government since winning the election and what we might expect in the Budget.

From Manifesto to Budget: Capital Gains Tax: what can we expect from the Labour Government?

In the fourth episode of this series, Tax Partner Hannah Manning, Knowledge Counsel Kulsoom Hadi and Trainee Solicitors Josh Channon and Amar Degon discuss the possible reforms to capital gains tax to be announced in the Autumn Budget on 30 October 2024. The team reviews speculation from recent commentary and delves into past budget announcements, as well as discussing comparisons with CGT rates in other countries.

From Manifesto to Budget: Business taxes: what can we expect from the Labour Government?

In the third episode of series, Head of Tax, Russell Warren, Associate Ross McGregor and Trainee Nadia Ashbridge discuss the possible reforms to key business taxes including Corporation Tax, VAT and Employer NICs expected to be announced in the Autumn Budget on 30 October 2024. The team also consider Labour's manifesto pledge promising a Business Taxes Roadmap and what this might mean for businesses in the longer term.

Outsourcing Spotlight - Spring/Summer 2024

Welcome to the second edition of the Travers Smith Outsourcing Spotlight. With an election due in July, we look at the likely impact of a Labour Government on outsourcing in the UK.

Share Plan Annual Reporting Deadline – 6 July 2024

The 2023/24 tax year has ended so now is the time to start thinking about your annual employee share plan reporting obligations. Annual returns for the last tax year must be filed online with HM Revenue & Customs (HMRC) by 6 July 2024 and are due in respect of all the employee share plans or arrangements you had in place during that period, even if there has been no activity.

Travers Smith contributes to the 6th edition of The Legal 500 Employee Incentives Comparative Guide

Travers Smith's Head of Incentives and Remuneration Mahesh Varia and Senior Associate Claire Prentice have contributed the United Kingdom chapter in the latest Legal 500 Employee Incentives Guide. The guide provides its readers with a pragmatic overview of the laws and regulations of Employee Incentives practice across a variety of jurisdictions.

Revised UK Corporate Governance Code: Focus on Internal Controls

Following a lengthy consultation period, the Financial Reporting Council (the "FRC") recently unveiled its revised UK Corporate Governance Code (the "Code"). As expected from its policy statement in November 2023, the FRC has dropped many proposals that were originally floated, in light of both the Government's withdrawal of the Companies (Strategic Report and Directors' Report) Amendment Regulations 2023 and feedback received during the consultation.  As a result, the revised Code is, in the FRC's words, a "limited revision", with the key changes focusing on internal controls.

Incentives and Remuneration: Winter update

Welcome to our Winter 2024 Update in which we look at the latest developments in the broad field of employee incentives and remuneration and consider what is in store for the year ahead. Do reach out to a member of our team if you would like to discuss any of these issues.

TUPE and employee share schemes: an update in light of Ponticelli

When the business an employee works for is sold and TUPE applies, working out which of the employees' rights transfer can be tricky. In the recent case of Ponticelli Ltd v Gallagher, the Inner House of the Court of Session held that an individual's right to participate in their employer's Share Incentive Plan transferred with them. 

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