Employee-shareholders: The Growth and Infrastructure Act 2013
The Growth and Infrastructure Act 2013 was passed on 25 April 2013 and introduces a new type of employee ownership arrangement, under which employees can give up some of their employment rights in exchange for shares in their employer. The measures are intended to be introduced on 1 September 2013. Section 31 of the Act inserts a new clause 205A into the Employment Rights Act 1…
Budget Briefing 2013
In the end this was a typical mid-term budget with most of the content hidden away in press releases rather than the speech itself. It was introduced as a budget for those who work hard and want to get on, those seeking employment, to support business, and to make tax fairer. Many of the measures were already known from previous budgets and autumn financial statements. It remai…
Developments in UK unconventionals
Yesterday's UK budget announcement included a number of proposals which will affect the future development of unconventionals in the UK, including: • Community involvement - the UK Government's new Office for Unconventional Gas and Oil will review the way in which local communities can benefit from shale gas developments in their area, with proposals in this regard to be brough…
Financial Services Bill receives Royal Assent
The Financial Services Bill received Royal Assent on 19 December 2012. The Bill has now become an Act of Parliament and will be known as the Financial Services Act. The new Act will come into force on 1 April 2013, and sets out a new regulatory framework for financial regulation in the UK. The Act provides regulators with comprehensive powers to counter future risks to financia…
HMRC appeal Rangers decision to Upper Tribunal
It was no great shock to hear that HMRC are appealing the decision of the First-tier Tribunal ("FTT") in what has come to be known as the Rangers "big tax case". The FTT found in favour of Rangers in relation to its use of Employee Benefit Trusts ("EBT"), concluding by a majority of two to one, that the EBT payments were loans, not earnings, and so were not liable for income t…
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