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The draft consultation Finance Bill 2013 was published yesterday. As expected, it removes the requirement for the seller of shares acquired via an EMI option to hold at least 5% of the ordinary shares/voting rights in order to claim entrepreneurs’ relief (ER). Whilst any relaxation of the rules is always welcome, we didn’t think this would help many option holders in practice.
The Bill unexpectedly goes further though by also removing the requirement for the EMI shares to have been owned throughout the 12 months before the sale. If the usual trading/employment tests are met, EMI shares sold from 6 April 2013 (or 6 April 2012 in certain circumstances) could now be eligible for ER – reducing CGT to 10% – provide the option was granted more than 1 year pre-sale.
If the draft legislation isn’t amended, this is fantastic news for the many EMI option holders whose options are exercisable immediately before a company share sale. A hidden legislative change which is positive? Whatever next?
The Federation of Small Businesses (FSB) has released a report setting out the impact of new and changing regulations arising from the pandemic on small businesses across the UK.
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As has been widely reported this week, some 3,000 UK workers are taking part in a six month trial to assess the viability of a four-day working week without any reduction in their normal pay.
In March the government proposed a number of changes to the Building Safety Bill. The new amendments propose additional protection for leaseholders to prevent them from being charged for cladding work if they own up to three properties.
In Nissan v Passi, the High Court recently considered the issue of an employee retaining confidential documents belonging to his former employer in the context of the employer’s application for an injunction seeking the return of such documents from the employee.
Technical Director, Tax
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