It has become apparent that some smaller companies and their advisers may have been tripped up over the changes made in 2014 to the process for the notification of the grant of EMI share options.

From redefining ‘disqualifying events’ for SIPS to HMRC considering reasonable excuses for failure to notify them of the establishment of SIP, SAYE and CSOP plans, the Finance Act 2016 resulted in a number of changes to the share schemes legis

A summary of the flurry of recent consultations published by HMRC.

A case in the First Tier Tribunal, Flix Innovations Ltd. v HMRC ([2015] UKFTT 58), has highlighted the fact that EIS shares must not, inter alia, carry “any present or future preferential right to a company’s assets on its winding-up”.

Following changes made in 2013 to the ‘loans to participators’ rules, it has become difficult for a close company to make loans to an employees’ trust without incurring a penal charge to income tax at, currently, 32.5%

On 29 November 2016, the Department for Business, Energy and Industrial Strategy published the Corporate Governance Reform Green Paper.