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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...

Grounds for challenge in a public procurement process—checklist

Grounds for challenge in a public procurement process—checklist This Checklist examines the grounds for challenge in a public procurement process. Procurement challenges are restricted by time limits and bidders need to be aware of how to rectify any breaches as soon as possible. This Checklist sets out the limitation period under the Public Contracts Regulations 2015 (PCR 2015), SI 2015/102 and the relevant factors that can affect the date this starts. This Checklist also pinpoints potential grounds for challenge in relation to Selection Questionnaires, invitations to tender and standstill letters. Limitation in public procurement proceedings Procurement challenges are subject to relatively short limitation periods. It is therefore important that bidders are alive to potential breaches arising during the procurement process itself. Where a breach occurs, an analysis as to what, if any, action the bidder wishes to take must be undertaken quickly. The courts have consistently held that a bidder that chooses to sit on its hands and await the outcome of the procurement process will not be able to...

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Excluded property from 6 April 2017—flowcharts

Excluded property from 6 April 2017—flowcharts These flowcharts are designed to help determine if an asset is excluded property for the purposes of UK inheritance tax (IHT) on or after 6 April 2017. The flowcharts consider whether an asset is excluded property or not, depending on the situs of the property and the domicile of the beneficial owner or settlor as appropriate. However, the detailed provisions relating to excluded property should be referred to and practitioners should also consider whether a double tax treaty may apply to override the excluded property regime depending on the particular circumstances of a matter. See Practice Note: Double taxation relief—summary. Conversely, unilateral relief from IHT may apply where a tax of a similar nature has already been levied in respect of the same asset by a foreign tax authority. For further information, see Practice Notes: Excluded property trusts—key events affecting IHT status and Situs of assets for succession and IHT. Situs of property The situs of an asset is important for determining the...

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Managing conflicts of interest in pensions

Managing conflicts of interest in pensions THIS PRACTICE NOTE APPLIES TO TRUST-BASED OCCUPATIONAL PENSION SCHEMES Legal requirements in relation to conflicts of interest Pension scheme trustees have a duty to act in the best interests of the scheme's beneficiaries. However, trustees may owe duties to other parties or have personal interests which conflict with that duty. It is a general principle of trust law that trustees should not put themselves in a position where their duty to act in the best interests of beneficiaries conflicts with duties that they owe to other parties or with their personal interests. If trustees make decisions while subject to a conflict of interest that has not been appropriately managed, there is a risk that those decisions may be challenged by scheme members or overturned by the courts. It is important that the members of a scheme should perceive a conflict or potential conflict as having been properly managed. The directors of a company that acts as a trustee of a...

Relief from sanctions—making or opposing an application

Relief from sanctions—making or opposing an application This Practice Note gives practical guidance on how to make or oppose (or defend) an application for relief from sanctions (RFS) under CPR 3.9. In particular, it covers the evidence in support of an application for relief, the evidence in response to a relief from sanctions application, costs issues in relief applications and how to appeal a decision granting or refusing relief. Throughout it offers general practical tips on applying for relief from sanctions. This Practice Note should be read in conjunction with Practice Notes: • How to make an application for a court order (CPR 23) • Relief from sanctions—when is an application for relief required? • Case management—compliance • Relief from sanctions—the courts’ approach • Relief from sanctions—illustrative decisions (from 1 January 2024); and • Interim applications—costs recovery See also Precedents: • Letter requesting consent to application for relief from sanctions • Letter responding to request for consent to relief from sanctions • Draft order for relief from sanctions...

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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...

Performance appraisal and personal development plan—L&D manager

Performance appraisal and personal development plan—L&D manager Name [Insert appraisee’s name] Current manager [Insert appraiser’s name] Position/title department [Insert appraisee’s job title] Current personal development plan (PDP) year [Insert year] Department [Insert appraisee’s department] Date of appraisal [Insert date] Appraisal conducted in person? ☐ Yes☐ No Aim of the meeting • To understand your personal aspirations • To provide feedback about your level of performance • To plan your future with us, ensuring we are supporting your career development • To set and agree objectives aligned with the strategic aims of the firm What the meeting will cover • Part 1: Performance against personal objectives • Part 2: Performance against core skills • Part 3: Assessment of overall performance • Part 4: Future aspirations • Part 5: Future personal objectives • Part 6: Personal development plan Preparation for appraisal meeting Please review and complete sections 1 to 4 in advance of the meeting. This includes your assessment of your progress and performance rating. Provide a copy...

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Do the English property and assets of a dissolved overseas company pass to the Crown as bona vacantia?

Do the English property and assets of a dissolved overseas company pass to the Crown as bona vacantia? When a company registered in England and Wales is dissolved, all property and rights vested in or held on trust for it (including leasehold property) will be deemed bona vacantia (meaning ‘ownerless property’) at the date of dissolution and will vest in and belong to the Crown (or the Duchy of Lancaster or Duchy of Cornwall, as may be appropriate). The treatment of companies incorporated outside the UK (overseas companies) is dealt with in Part 34 of the Companies Act 2006 (CA 2006), which gives the Secretary of State power to make regulations to impose on overseas companies various registration, reporting and disclosure requirements. The two principal regulations dealing with overseas companies are: • the Overseas Companies Regulations 2009, SI 2009/1801 • the Overseas Companies (Execution of Documents and Registration of Charges) Regulations 2009, SI 2009/1917, as amended by the Overseas Companies (Execution of Documents and Registration of...

In 2006, the deceased’s husband established a nil rate band trust (NRB) in his Will funded with a loan note from his wife in the amount of £285k. The only documentation for this arrangement was a loan note and the trust was not registered with the Trust Registration Service (TRS). The deceased's children wish to have the trustees appoint this to their own children. Do charges under the relevant property regime apply to the trust? Should the trustees retrospectively register the NRB trust with the TRS and report to HMRC?

In 2006, the deceased’s husband established a nil rate band trust (NRB) in his Will funded with a loan note from his wife in the amount of £285k. The only documentation for this arrangement was a loan note and the trust was not registered with the Trust Registration Service (TRS). The deceased's children wish to have the trustees appoint this to their own children. Do charges under the relevant property regime apply to the trust? Should the trustees retrospectively register the NRB trust with the TRS and report to HMRC? Relevant property trust charges In the case of the ten-year charge, the available nil rate band (NRB) is used as part of a formula to calculate the effective rate (ER), which in turn determines the actual rate of inheritance tax (IHT) to be applied to the particular trust. The actual rate is 30% of the ER. As the maximum ER is 20%, the maximum actual rate is 6%. See Practice Note: Relevant property trusts—the principal (ten-year) charge before 18 November...

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TMT weekly highlights—8 May 2025

Welcome to this week’s edition of the TMT weekly highlights: a hand-picked summary of news analysis, updates and new content from across the technology, media and telecoms sectors. These highlights focus on key topics including new technologies, software, cloud computing, internet, outsourcing, music, film & television, publishing, defamation and telecoms.

Property weekly highlights—8 May 2025

This week's edition of Property weekly highlights includes: a Supreme Court decision on the qualifying period for adverse possession, cases on adverse possession and death, consideration for interim access under the Telecoms Code, overriding interests, discharge of obsolete restrictive covenants and service charges for substandard work, plus an update on Law Commission recommendations.