M&A Weekly Update: new LLP tax rules and deferred prosecution agreements for corporates
On 21 February, HMRC published updated guidance on the new ‘salaried member’ rules, the rules that will treat members of an LLP as employees for tax purposes in certain circumstances. The guidance confirmed that the rules will come into force on 6 April 2014. To fall outside the provisions, an individual must ensure that he or she does not meet one or more of the three criteria (known as conditions) set out in the legislation.
Impact — if treated as a salaried member, an employer’s national insurance contributions will be due in respect of remuneration paid to the member (at 13.8 per cent), the LLP will be required to operate the PAYE regime and the employment-related securities and disguised remuneration rules will also apply to that member.
Deferred prosecution agreements (DPAs) may soon be a feature of UK criminal proceedings involving corporates as, from 24 February, corporates are now able to enter into DPAs with prosecutors in relation to certain criminal offences…
Click on the link below to read the rest of the Macfarlanes briefing.
News from The Lawyer
Briefings from Macfarlanes
M&A Weekly Update: forced sale of shares does not qualify as ‘an offer to the public’ requiring publication of prospectus; and more
Macfarlanes has released its M&A Weekly Update for the period 27 June to 3 July 2014.
Investment Management Update — 4 July 2014: FCA Handbook Notice 13; ESMA updates Q&As on AIFMD; and more
Macfarlanes has released the 4 July 2014 issue of its Investment Management Update.
Analysis from The Lawyer
As the equity capital markets rocketed back into favour and global M&A saw at least a partial return to form, there have been some rich pickings for The Lawyer’s Corporate Team of the Year award shortlisted firms in 2014.
Footie and telecoms dominate our regular round-up of recent M&A activity, as the threat of rising interest rates kick-started activity among organisations.