Insights: Legal Updates - September 2017

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Adjudication proceedings: Ignore at your peril

Hollie Moore |

A recent TCC case has highlighted the pitfalls associated with trying to ignore adjudication proceedings A recent Technology and Construction Court case illustrates the risks to a responding party of not participating in adjudication proceedings. The facts of Lobo v Corich & Anor [2017] EWHC 1438 (TCC) were straightforward, if a little unusual. Facts of […]


Tax and the gig economy

Anthony Reeves |

The ‘gig economy’ has been very much in the news in recent months. While much of the political attention has been focused on the employment effects of this phenomenon, the implications for UK tax are wide-ranging and hugely significant. What is the gig economy? The name refers to the general trend of workers using an […]


Can you disinherit your children if you want to?

Helena Luckhurst |

You may recall that, a couple of years ago, the English press was full of reports of the Will case of Ilott v Mitson.  (For some background on the case, see my 2015 and 2017 posts about it.) The case was of interest to any testator who is considering cutting out children from their Will.  However […]


Internal investigations and the limits of privilege

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Summary The High Court recently ruled, in a landmark case brought by the Serious Fraud Office (SFO), that the Eurasian Natural Resources Corporation (ENRC) must hand over documents generated by an internal investigation by the company, including notes taken by lawyers of interviews with ENRC’s employees. The SFO’s application was made in the course of […]


Motivating and rewarding key employees through share-based incentives

John Forde |

There are various ways to motivate and reward key employees through share-based incentives. The optimum structure for any given company will depend on its specific circumstances and commercial objectives. Enterprise Management Incentive (EMI) option plans are widely recognised as an attractive and very tax efficient structure and are therefore the first port of call for […]


Competition and Markets Authority fines golf club manufacturer £1.45m for imposing an online sales ban

Muhammed Bhaimohmed, Alex Haffner |

The Competition and Markets Authority (CMA), the UK’s primary competition and consumer authority, has fined Ping Europe Limited (Ping) £1.45m for preventing two UK retailers from selling Ping’s golf clubs online. Although Ping had a commercial objective, imposing the restriction to promote in-store customer fitting, the CMA concluded that Ping could have achieved this through […]


IHT Residence Nil Rate Band: depending on downsizing?

Helena Luckhurst |

HMRC have published new guidance covering the downsizing provisions of the Residence Nil Rate Band (RNRB) (click here for a link to it). This will be of interest to advisers looking for a relatively straightforward introduction to this aspect of the RNRB which may be suitable for forwarding on to clients. Whenever individuals interested in […]


The risk of uninsured risks

Zevi Prager |

Almost all leases include an obligation on the landlord to insure the building.  The main reason for this is that the landlord has a capital interest in the building and wants to control its state of repair by way of insurance and service charge rent.  Additionally, where the building has several tenants, it is far […]


Growth shares

John Forde |

What is the purpose of growth shares? Growth shares are used in employee incentive planning. They are often considered when an employer does not qualify for one of the tax advantaged share option structures (e.g. EMI or CSOP; see our separate briefing notes for more detail on these topics). Growth shares offer an alternative means […]


Nil paid shares

John Forde |

What is a nil paid share? Nil paid shares are used in employee incentive planning. They are often considered when an employer does not qualify for one of the tax advantaged share option structures (e.g. EMI or CSOP, see our separate briefing notes for more detail on these topics). They offer an alternative means to […]


Joint Share Ownership Plan

John Forde |

What is a Joint Share Ownership Plan? A Joint Share Ownership Plan (JSOP) is an incentive structure designed to provide equity to senior employees without a significant Income Tax charge and enable them to participate in any future growth in value of the company. Future growth in value of the shares should be subject to […]


EMI share option plan

John Forde |

What is an EMI share option plan? EMI stands for “Enterprise Management Incentive”. Like any share option plan, an EMI plan involves giving an employee a contractual right (an option) to acquire shares at some point in the future for a specified price. However EMI plans offer significant tax advantages to other forms of option […]