SAYE bonus rate mechanism review and new savings prospectus

HMRC has announced in the HMRC Employment Related Securities Bulletin 43 published on 16 June 2022 that it is reviewing the mechanism used to calculate SAYE option scheme bonus rates with a view to simplifying the way in which bonus rates are calculated.  As noted by HMRC in Bulletin 43, “the current mechanism is extremely … Read more

Changes to NICs rates from 6 April 2022

As announced by the government in September 2021, the rates of employee’s and employer’s Class 1 National Insurance contributions increase by 1.25% for the 2022/23 tax year.  This is intended to be a temporary increase with the increased rates being replaced by the Health and Social Care Levy from 6 April 2023. For further information … Read more

Spring Statement 2022

In his Spring Statement yesterday, the Chancellor, Rishi Sunak, made two announcements relating to share plans. The Chancellor announced that the review of enterprise management incentives (EMI) options (originally announced in 2020) had concluded that the EMI scheme remains “effective and appropriately targeted”. It was also announced that the scope of the review will be … Read more

PLSA 2022 Stewardship Guide and Voting Guidelines

The PLSA published its 2022 Stewardship Guide and Voting Guidelines on 23 February 2022.  The 2022 Guidelines set out the PLSA’s views on current best practice and its voting recommendations for AGMs in 2022. There have been no substantive changes to the section of the guidelines covering Executive Remuneration.  The PLSA notes that in 2021 … Read more

New FCA webpage and templates on the MIFIDPRU Remuneration Code

The new FCA webpage on the remuneration code as part of the prudential sourcebook for MiFID Investment Firms (MIFIDPRU). The new webpage sets out: how the MIFIDPRU remuneration code applies; self-assessment templates and tables; reporting requirements; and disclosure requirements. Read more

Tax-advantaged share plans: HMRC extends share valuation period to 120 days

HMRC has published amendments to its Shares and Assets Valuation Manual as part of which it has extended the period for which an agreed valuation of unquoted shares will remain valid for the purposes of grants under a tax-advantaged share plan from 90 to 120 days. This 120-day period is relevant only to valuations in … Read more