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

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

Glass Lewis has updated its COVID-19 guidance to remove specific references to fiscal years, and to clarify that it will apply throughout the course of the COVID-19 pandemic, especially for companies and industries that continue to be affected by the pandemic. The guidance notes that the uncertainties causes by the pandemic have highlighted the need … Read more

The Financial Reporting Council (FRC) has published its Annual Review of the UK Corporate Governance Code. The report discusses the quality of reporting against the UK Corporate Governance Code in 2021 and the FRC’s expectations for companies reporting in 2022. The FRC notes that reporting has improved overall since last year, in particular where companies have … Read more

The Investment Association (IA) has published its annual letter to remuneration committee chairs as well as its updated Principles of Remuneration. The Principles have been updated to reflect developments in market practice and investor expectations, including: Linking executive pay and ESG targets – Where companies link executive pay and bonuses to ESG metrics, the rationale … Read more

On 3 August 2021, the FCA published a Dear Remuneration Committee Chair letter setting out its approach to remuneration for 2021/22 and highlighting areas for firms to consider. Key areas of focus are: Diversity – the FCA reiterates that increasing diversity and fostering an inclusive environment is a key element of a healthy culture.  Firms … Read more

In Vermilion Holdings Ltd v HMRC, an individual originally held an option to subscribe for shares which HMRC accepted was not “employment-related”.   As part of a refinancing, that option was released for the grant of a less favourable replacement option.  At the same time, the individual became a director of the issuing company. At the … Read more

The General Anti Abuse Rule (GAAR) Advisory Panel has published an opinion dated 11 May 2021 in which it concluded that arrangements designed to avoid employment taxation of payments to directors while securing a corporation tax deduction for their employing company was not a reasonable course of action. It was noted that the arrangements strongly … Read more