BIS guidance on employee shareholder status
Walker Morris has previously described the government’s new ‘shares for rights’ scheme and the opportunities it may present for the private equity community. Some aspects of the scheme were still a little unclear as at 1 September 2013, hence the government’s attempt at clarification through its guidance.
In reality, the guidance does not tell us much that we did not already know. One point, however, is worth noting.
It is clear from the legislation that the company issuing shares may not receive any other form of consideration from the employee other than the renunciation of certain of his or her statutory employment rights identified in the legislation. The Business, Innovation & Skills (BIS) guidance states that the requirement that the shares be issued fully paid means that companies will, in the majority of cases, have to issue those shares by way of capitalisation of distributable profits…
If you are registered and logged in to the site, click on the link below to read the rest of the Walker Morris briefing. If not, please register or sign in with your details below.
News from Walker Morris
News from The Lawyer
Briefings from Walker Morris
Ofgem and DECC have jointly published an action plan of measures to encourage the growth of independent energy suppliers.
The Finance Act 2014 will change the economics of using tax avoidance schemes by requiring payment of disputed tax upfront in cases involving numerous marketed tax management schemes,
Analysis from The Lawyer
The law school war shows no signs of ending. But we have, perhaps, reached the end of the beginning.
New EU rules and lawyers’ increased comfort with digital formats are sparking a sea-change in the way law firms manage their documents