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Establishing a share incentive plan (SIP) and granting SIP awards—all-encompassing resource pack

Establishing a share incentive plan (SIP) and granting SIP awards—all-encompassing resource pack For more general information on share incentive plans (SIPs), see Practice Note: What is a share incentive plan? Step Details of step Lexis®PSL resources required to implement step Timing of step 1 Determine whether the company qualifies to operate a SIP. The SIP regime is prescriptive and sets out numerous requirements that must be met at the time the awards are granted, including in relation to the company granting the awards. It is essential to establish whether the company whose shares are being granted under award qualifies to operate a SIP first. The proposed award holder(s) must also meet certain requirements in order to be granted SIP awards. For further detailed information on the SIP eligibility requirements relating to the company, see Practice Note: SIPs—qualifying companies and type of shares. For further detailed information on the SIP eligibility requirements relating to the employee, see Practice Note: SIPs—who can be granted an award? For a checklist...

Choice of business vehicle—tax comparison table

Choice of business vehicle—tax comparison table This table compares the tax treatment of: • sole traders • partnerships (which in this table includes general partnerships, limited liability partnerships and limited partnerships), and • companies This table does not consider any reliefs or exemptions which may be available to particular taxpayers or any anti-avoidance provisions which might apply to particular circumstances. For the rates and thresholds applicable in the current tax year, see Practice Note: Key UK tax rates, thresholds and allowances. For further details about the tax treatment of each type of business vehicle, see Practice Note: Forms of business vehicle—tax summary. For further details on the choice between the types of business vehicle, see Practice Note: Tax influences on choice of business vehicle. Point of comparison Sole trader Partnership Company Tax treatment No separate taxable entity—sole trader taxed as individual with trading activity No separate taxable entity—partner taxed as individual on a notional trade representing his share of the partnership Separate taxable entity—company taxed on all...

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Intestacy in Scotland (surviving spouse)—flowchart

Intestacy in Scotland (surviving spouse)—flowchart This content is produced in partnership with Scots

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Forms of business vehicle—fundamentals

There are many forms of business vehicle and it is important that the most appropriate form of vehicle is chosen to carry on a business; the choice of vehicle may have a bearing on the business’s success or failure.Not every vehicle will suit the needs and demands of a business. Each vehicle has its advantages and disadvantages. The decision as to which vehicle to use to carry on a particular business will be complex and is dependent on various legal, tax and commercial considerations; there may not be a perfect fit.In addition, the vehicle originally chosen to carry on a particular business may not continue to be the right choice for that business as it develops and matures. The vehicle chosen to carry on a business should be kept under periodic review. If the original choice of vehicle to carry on a business becomes unsuitable, an alternative vehicle may take over that business, although a change of vehicle may be costly, depending on the circumstances.This fundamentals note considers the different...

Execution formalities—partnerships

This Practice Note provides practical guidance on proper execution of simple contracts and deeds for general partnerships. For information relating to execution by limited liability partnerships, see Practice Note: Execution formalities—limited liability partnerships.For information relating to execution by limited partnerships, see Practice Note: Execution formalities—limited partnerships.We have produced a toolkit that is a comprehensive, interactive resource to help users identify and work through the concepts and common issues when executing documents. Each section or phase includes practical guidance, precedent clauses and Q&As relevant to that section. For more information, see: Execution toolkit.Quick viewThe table below provides a brief overview of the execution formalities applicable to partnerships and where related precedent execution clauses can be found. For further information, navigate to the document type using the links in the first column.Document typeCan be made:Document can be executed by:PrecedentsSimple contractsOn behalf of the partnership.The signature of a partner acting under the authority of the partnership, express or implied.Execution clause—partnership—contract.DeedsOn behalf of the partnership.Execution as a deed by all partners.Execution clause—partnership—deed (Option 1).Execution as a deed by one...

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Distribution agreement—non-exclusive—short form

Distribution agreement—non-exclusive—short form This Agreement is made on [date] Parties 1 [insert name of party] [of OR a company incorporated in England and Wales under number [insert registered number] whose registered office is at] [insert address] (Manufacturer); and 2 [insert name of party] [of OR a company incorporated in England and Wales under number [insert registered number] whose registered office is at] [insert address] (Distributor); each of the Manufacturer and the Distributor being a party and together they are the parties. Background (A) The Manufacturer manufactures [and supplies] the Products. (B) The Distributor has agreed to distribute the Products on a non-exclusive basis in the Territory in accordance with the provisions of this Agreement. The parties agree: 1 Definitions 1.1 In this Agreement: Active Sales • has the meaning given in Article 8(7) of VABEO; Affiliate • means any entity that directly or indirectly controls, is controlled by, or is in under common control with, another entity where “control” means the beneficial ownership of...

Precedent tax clauses for a 50/50 joint venture agreement

Precedent tax clauses for a 50/50 joint venture agreement 1 Definitions and interpretation 1.1 In this Agreement, unless the context otherwise requires the following expressions shall have the following meanings: Relevant Proportion • means, for the purposes of clause, the maximum proportion of the Company’s [trading] losses [and other amounts eligible for relief from taxation] which is permitted by law to be surrendered to the relevant Shareholder (or member of its Shareholder Group) or, as appropriate, the maximum proportion of the Company’s trading profits against which the Shareholder (or member of its Shareholder Group) is permitted by law to surrender its [trading] losses [and other amounts eligible for relief from taxation]; VAT • means United Kingdom value added tax[ and any other tax imposed in substitution for it OR , any other tax imposed in substitution for it and any equivalent or similar tax imposed outside the United Kingdom]; 2 Tax matters 2.1 [The central management and control of the Company shall be...

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How are charities handled under the PSC regime?

How are charities handled under the PSC regime? The two main categories of entity that should be recorded on a PSC register are registrable individuals with 'significant control' (as defined in accordance with the five conditions set out in Schedule 1A, Part 1 to the Companies Act 2006 (CA 2006)), and any other registrable 'relevant legal entities' (RLEs) that have significant control and are 'subject to their own disclosure requirements'. Charities typically establish themselves as either trusts, unincorporated associations, charitable incorporated organisations (CIOs) or companies limited by guarantee. Some of these structures will therefore have to maintain their own PSC register. In addition, if they are themselves legal entities, they are likely to be registrable RLEs which may appear in the PSC register of a particular company or LLP which they happen to have significant control or influence over. Others may not be registrable RLEs but any investigating company or LLP must then trace through these entities until it finds an indirect PSC or RLE (or otherwise determine...

Can a limited partner of a private fund limited partnership (PFLP) also be the sole director and shareholder of the PFLP's general partner?

Can a limited partner of a private fund limited partnership (PFLP) also be the sole director and shareholder of the PFLP's general partner? For the purposes of this Q&A, it is assumed that: • the relevant private fund limited partnership (PFLP) is established in England • the PFLP’s general partner is appointed as the relevant authorised person to manage the PFLP under the Financial Services and Markets Act 2000 (FSMA 2000) • the PFLP is a collective investment scheme (CIS) as defined in FSMA 2000, s 235 Limited liability status Where a limited partner of a PFLP also serves as the sole shareholder and director of the PFLP’s general partner (GP), this may have an impact on the limited liability status of the limited partner concerned. A key feature of limited partnerships, including PFLPs, is that their limited partners enjoy limited liability status, provided that such limited partners do not participate in the management of the limited partnership business. Where the limited partner in question is the sole shareholder and...

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Homes England publishes second edition of EDI report for 2024-2025

Homes England has published its Equality, Diversity and Inclusion (EDI) Annual Report for 2024 to 2025. The report, introduced by Board Sponsor, Lesley-Ann Nash and Chief Executive, Officer Eamonn Boylan, highlights the agency's commitment to fostering an inclusive workplace where diversity is celebrated. Homes England aims to create high-quality, affordable homes and thriving places, working in partnership with various public and private bodies. The report details the agency's strategic objectives, including supporting vibrant places, building a diverse housing sector, enabling sustainable homes, promoting high-quality homes and facilitating the creation of necessary homes.

Prime Minister's Office announces largest sanctions against Russian shadow fleet tankers

The Prime Minister's Office, led by The Rt Hon Sir Keir Starmer KCB KC MP, has announced the largest sanctions package targeting Russia's shadow fleet at the Joint Expeditionary Force meeting in Oslo. The sanctions will target up to 100 oil tankers responsible for transporting over $24 billion worth of cargo since 2024, aiming to protect UK and European critical national infrastructure. The shadow fleet, linked to the Kremlin's illegal war in Ukraine, poses a threat through reckless seafaring. The UK has activated the Nordic Warden system to monitor potential threats to subsea infrastructure, which is crucial for telecommunications and energy supplies. The Prime Minister emphasised the need to disrupt the shadow fleet to undermine Putin's war efforts and protect national infrastructure. The JEF leaders will also enhance their partnership with Ukraine, supporting its armed forces and increasing interoperability. Additionally, the UK and Norway will agree on a memorandum of understanding on space domain awareness to protect critical infrastructure in space.