Stronachs Logo

Corporate

Enterprise Management Incentive options (EMI)

On 29 June 2020, an amendment was published to the Finance Bill 2020 to amend section 535 and Schedule 5 of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003).

The new clause has the effect of relaxing the rules relating to the working time commitment which might otherwise lead to a disqualifying event for EMI options, as a result of the coronavirus pandemic.

Corporate Fundraising in 'the New Normal' - for many entrepreneurs these times of crisis also present opportunities and the availability of funding is going to be one of the crucial considerations.  

Head of Corporate, Ross Gardner, is featured in the July 2020 edition of the Business Bulletin - published by Aberdeen and Grampian Chamber of Commerce.  

What a difference a day makes

Prior to 2003 debts due to HMRC ranked above other creditors in insolvency proceedings. This is known as the Crown Preference.  The purpose of the Crown Preference is that it introduces a preferential claim in insolvency procedure which means that HMRC is paid prior to floating charge holders. The only other preferential claims in insolvency are claims of employees for things such as unpaid wages.

The UK Government issued updated guidance on the Coronavirus Job Retention Scheme on Saturday and this has clarified the position on the ability of executive directors (that is, directors who are paid a salary) to be placed on furlough. Importantly, this includes salaried individuals who are directors of their own personal service companies.  

Can your business survive a relationship breakdown?

Head of Corporate, parner Ross Gardner, is featured in the November edition of the Business Bulletin - published by Aberdeen & Grampian Chamber of Commerce. 

A leading role for technology?

Corporate and Energy partner, Malcolm Donald, is featured in the Offshore Europe September edition of the Business Bulletin - published by Aberdeen & Grampian Chamber of Commerce. 

Economic conditions are improving for many employers, with confidence rising amid signs of recovery in the energy industry – that could in turn lead to an increase in the use of employee share schemes and other forms of employee incentivisation.

Chambers Leading Firm 2020 bw

Contact Info

ABERDEEN OFFICE
28 Albyn Place, Aberdeen AB10 1YL
Tel: +44 1224 845845

 

INVERNESS OFFICE
Camas House, Fairways Business Park,
Inverness IV2 6AA
Tel: + 44 1463 713225

Legal 500uk leading firm 2020